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3. Oil Rises Over 1% as U.S.–Iran Talks Stall

Oil prices rose more than 1% on Monday as stalled U.S.-Iran talks and ongoing disruptions to shipping through the Strait of Hormuz tightened global supply, according to Reuters.

Last week, Brent and West Texas Intermediate gained nearly 17% and 13%. This marked ​the biggest weekly gains since the start of the war.

Tensions in the Gulf have significantly constrained oil flows. Tehran has largely shut down the Strait of Hormuz, while Washington has imposed a blockade on Iranian ports, sharply limiting maritime traffic. Shipping data from Kpler showed that only one oil products tanker entered the Gulf on Sunday.

U.S. President Donald Trump on Saturday canceled a planned visit to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iranian Foreign Minister Abbas Araghchi left Islamabad before any direct talks could take place.

Araghchi arrived in Saint Petersburg on Monday for talks with Russian President Vladimir Putin and other officials, as Tehran seeks to break a widening diplomatic impasse.