Muscat: Oil prices surged by three dollars a barrel today after international efforts to secure a ceasefire agreement stalled, while continued disruption to shipping through the Strait of Hormuz kept global energy supplies under pressure. Brent crude futures rose $3.18, or 3.14 percent, to $104.47 a barrel, extending Friday's gain of 1.23 percent. US West Texas Intermediate crude climbed $3.09, or 3.24 percent, to $98.51 a barrel, following a 0.64 percent increase in the previous session.

According to Oman News Agency, the ongoing disruption in the Strait of Hormuz, a critical chokepoint through which a significant portion of the world's oil supply passes, has been a major factor in the latest price surge. The failure of ceasefire talks has exacerbated concerns over supply stability, with market observers closely monitoring the situation.

The recent rise in oil prices reflects heightened geopolitical tensions and their impact on global energy markets. Analysts suggest that unless there is a breakthrough in negotiations or an improvement in the shipping situation, oil prices may continue to experience volatility.

The disruption in the Strait of Hormuz and the stalemate in ceasefire negotiations have underscored the vulnerability of energy supply chains to geopolitical events. As the situation develops, stakeholders in the energy sector remain vigilant, assessing the potential implications on both short-term and long-term energy strategies.