Crude oil prices on Monday rising nearly 2% as peace talks between the United States and Iran stalled and the supply through Strait of Hormuz remained affected. Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since ‌April 7, ⁠and U.S. ⁠West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%.

Notably, research analyst Goldman Sachs has raised its oil price forecasts for the fourth ⁠quarter to $90 a barrel for Brent crude and $83 for WTI citing reduced output from the Middle East.

"The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," it said.

On Saturday, US President Donald Trump cancelled a planned trip to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iranian Minister of Foreign Affairs Abbas Araghchi departed Islamabad before any direct engagement could take place between the sides.

Shipping data from Kpler showed that traffic through the key waterway remains severely restricted, with just one oil products tanker entering the Gulf on Sunday.

Iran has reportedly given the United Statesa new proposalto reopen the Strait of Hormuz, bringing an end to the conflict. The new deal proposes to postpone the nuclear negotiations for later stages, reported Axios, citing a US official and two sources with knowledge.

According to the proposal, the nuclear negotiations would only start at a later stage, after the strait was open and the blockade lifted. The White House has received the proposal, but it's unclear whether the US is willing to explore it, the report said.

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