• Oil prices climbed nearly 2% as US-Iran peace talks stall.
• Brent crude reached $107.49 per barrel, the highest since early April.
• Disruptions in the Strait of Hormuz are limiting global oil supplies.
• Goldman Sachs raised fourth-quarter oil price forecasts, citing supply concerns.
• Market analysts warn of potential pressures on Iran's aging oil fields.

Oil prices rose significantly on Monday, with Brent crude climbing nearly 2% to $107.49 per barrel amidst stalled peace negotiations between the United States and Iran. The increase followed a failed attempt for a second round of talks, causing market tensions to rise as the conflict continues. As of the latest update, US West Texas Intermediate is priced at $96.17 per barrel, reflecting similar upward trends in oil prices across the board, according to aljazeera, bangkokpost, and indiatimes.

The stalled negotiations come after US President Donald Trump canceled a planned trip to Islamabad by his envoys, Steve Witkoff and Jared Kushner. The Iranian Foreign Minister, Abbas Araqchi, arrived in Pakistan only to find that diplomatic efforts had faltered. Market analysts are cautious, stating, "This move puts the ball squarely back in Iran’s court, and the clock is now ticking loudly," reflecting concerns about Iran's capability to maintain production levels at aging oil fields, as reported by bangkokpost and indiatimes.

In tandem with the diplomatic stalemate, logistical issues are compounding the crisis. Traffic disruptions in the Strait of Hormuz—an essential waterway handling approximately one-fifth of the world's oil supplies—are causing additional strain on global oil markets. The latest shipping data indicates a sharp decline in traffic, with only one oil products tanker managing to enter the Gulf on Sunday. Goldman Sachs has updated its fourth-quarter prediction, raising Brent crude to $90 and WTI to $83 per barrel amid concerns over supply limits and geopolitical uncertainties, according to aljazeera, bangkokpost, and indiatimes.