Oil prices jump as US-Iran talks stall

Oil prices jumped almost three percent on Monday as peace talks between the US and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

The Brent crude benchmark rose $3, or about 2.9 percent, to $108.36 a barrel on Monday morning, Reuters reported. This is its highest price in three weeks. 

US West Texas Intermediate was up $2.45, or 2.6 percent, at $96.85.

Brent and WTI gained nearly 17 percent and 13 percent respectively last week for their biggest weekly gains since the start of the war on Iran.