Oil prices rose to a twoweek high yesterday following the stall of peace discussions between the United States and Iran. Shipments through the Strait of Hormuz continued to be limited, making global oil supplies to be squeezed.

Global energy supplies have been under intense pressure since the start of the Iran war on February 28 as the crucial Strait of Hormuz waterway has been effectively closed by the conflict.

The British Broadcasting Corporation (BBC) reported that the global benchmark, Brent futures, increased to $109 a barrel, while Reuters reported that US benchmark, West Texas Intermediate (WTI) crude rose $1.80, or 1.9%, to trade at $96.20.

According to the BBC, US President, Donald Trump, had announced that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts.

Despite a stall in diplomacy between the US and Iran, an Iranian delegation today travelled to Russia to meet President Putin to discuss the ongoing conflict in the Middle East.

Iran’s Foreign Minister Abbas Araghchi is quoted by Russian state media as saying the talks show the “strategic relationship” between the two countries, while his Russian counterpart called the discussions “useful”. The meeting comes after President Trump cancelled a planned trip by US officials to Pakistan over the weekend for talks with Iran.

Meanwhile, Israeli strikes on Lebanon are continuing despite a three-week extension to the ceasefire between Israel and Hezbollah. The Lebanese health ministry said 14 people were killed by Israeli strikes on Sunday, and earlier yesterday the country’s National News Agency said the death toll since the start of the conflict has now risen to 2,521. However, Israel said it is acting in response to what it describes as violations of the deal by Hezbollah.