"Brent crude rose more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran unravelled over the weekend."
"Tehran's threats against commercial shipping in the Strait of Hormuz have reduced traffic to a trickle, paralysing a large portion of the world's supply of oil and natural gas."
"On Saturday, 19 commercial vessels transited the strait, which normally carries about one-fifth of global oil and natural gas supplies, according to maritime intelligence platform Windward."
Brent crude oil prices increased by more than 2% following the failure of the US and Iran to hold a second round of peace talks in Pakistan. The price stood at $106.99 amid concerns over the fragile ceasefire. US President Trump canceled a planned envoy trip to Pakistan after Iranian officials left without engagement. Tehran's threats against shipping in the Strait of Hormuz have significantly reduced oil traffic, affecting global supply. The strait typically carries a substantial portion of the world's oil and gas supplies.
Read at www.aljazeera.com
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