Muscat: Oil prices continued to climb today, rising about 2 percent as peace negotiations between the United States and Iran stalled and constrained maritime traffic kept global supplies under pressure: Brent crude futures advanced $2.16, or 2.05 percent, to $107.49 per barrel - its highest level since 7 April 2026. US West Texas Intermediate crude rose $1.77, or 1.88 percent, to $96.17 per barrel.

According to Oman News Agency, both benchmarks posted sharp gains last week, with Brent jumping about 17 percent and WTI surging roughly 13 percent - the largest weekly increase since the crisis began. Optimism for a renewed peace push faded at the start of the week after US President Donald Trump cancelled a planned trip to Islamabad by his envoys.