Oil gains over 3% as US-Iran peace talks in stalemate

According to Business Recorder, Brent crude gained more than 3% on Monday after Donald Trump turned down an Iranian proposal meant to end the conflict and restore traffic through the Strait of Hormuz. By 0959 GMT, Brent futures were up $3.98, or 3.82%, at $108.30 a barrel, while West Texas Intermediate stood at $95.93, a rise of $3.52 or 3.81%.

Trump said on Saturday that he had rejected Iran's plan, first unveiled at the UN General Assembly and passed on through Qatari mediators. In a phone interview with Axios on Sunday, however, he said he expected US negotiators to hold more talks this week. Capital Economics analyst Hamad Hussain linked the price jump to Trump's rejection of the proposal.

Middle East crude exports climbed in September to 12.8 million barrels a day, their highest since fighting began in February, preliminary Kpler data showed. Saudi Arabia rerouted shipments from Yanbu to its Ras Tanura port after attacks damaged the East-West pipeline. Brent gained 0.4% last week, while WTI shed more than 7% amid concerns about a possible US diesel export ban. Goldman Sachs calculated that each further week of such a ban would add $3 a barrel, or just under 2%, to European wholesale diesel prices.