Brent crude oil prices rose more than 2 percent on Sunday after the United States and Iran failed to hold a second round of peace talks in Pakistan.
US cancels envoy trip to Pakistan after Iranian official departs Islamabad
US President Donald Trump cancelled a planned trip to Pakistan by his envoys Steve Witkoff and Jared Kushner on Saturday after Iranian Foreign Minister Abbas Araghchi left Islamabad before any direct engagement could take place.
Araghchi travels to Russia as Tehran seeks diplomatic alternatives
Abbas Araghchi arrived in Russia’s Saint Petersburg on Monday for talks with Russian President Vladimir Putin and other officials as Tehran seeks a way out of the diplomatic impasse.
Strait of Hormuz traffic drops sharply amid Tehran’s threats
On Saturday, only 19 commercial vessels transited the Strait of Hormuz, which normally carries about one-fifth of global oil and natural gas supplies, according to maritime intelligence platform Windward.
Pre-war traffic levels show sharp decline in critical waterway
Before the US and Israel launched their war on Iran in late February, the Strait of Hormuz saw an average of 129 daily transits, according to the United Nations Trade and Development.
Why did the US cancel its envoy trip to Pakistan?
The US cancelled the trip after Iranian Foreign Minister Abbas Araghchi departed Islamabad before any direct engagement could take place between the sides.
How has the Strait of Hormuz traffic been affected by the diplomatic impasse?
Traffic dropped to 19 vessels on Saturday, down from an average of 129 daily transits before the war began in late February.
