Brent crude futures jumped over 2% to $107.48 per barrel in early Asian trade on Monday.
US‑Iran peace talks stalled as President Trump cancelled a planned Pakistan visit, while tensions over a naval blockade persist.
Iran’s blockade of the Strait of Hormuz since late‑February cuts roughly 20% of global crude supply, keeping oil flows scant.
Treasury Secretary Scott Bessent announced the US will not renew the waiver permitting purchases of Russian and Iranian oil at sea.