Oil Prices Jump as Pakistan Talks Stall on Iran War

Global oil prices climbed at the start of trading on Sunday as uncertainty deepened over stalled diplomatic efforts to ease tensions linked to the Iran conflict.

US benchmark West Texas Intermediate rose to $96.50 per barrel, gaining about 2 percent from Friday’s close. International benchmark Brent crude increased to $107.75 per barrel, up roughly 3 percent. Both prices have surged sharply since the outbreak of the conflict, rising by more than 40 percent overall.

The continued disruption to oil flows, particularly through the Strait of Hormuz, has kept markets on edge. Tankers carrying crude have faced delays and safety concerns in the region, tightening global supply.

Diplomatic efforts to revive ceasefire talks between Iran and the United States have shown little progress. Iranian Foreign Minister Abbas Araghchi made a brief and somewhat unclear visit to Islamabad, amid attempts by Pakistan to mediate between the two sides.

Although Araghchi had initially left the Pakistani capital, he reportedly returned briefly before continuing his regional tour to Moscow. The back-and-forth movements added to uncertainty around the status of negotiations.

Plans to send US envoys, including Steve Witkoff and Jared Kushner, to Islamabad were later scrapped. President Donald Trump indicated that any further engagement could take place remotely instead of through in-person talks.

Despite an earlier ceasefire agreement reached in April, indirect contacts between the two sides are reportedly continuing. However, a lasting settlement remains uncertain, prolonging instability in energy markets and adding pressure to the global economy.