Oil Jumps to $107 as Qatar Pushes US-Iran Talks to Reopen Strait of Hormuz
By Victor Idajili
Oil prices rose sharply on Monday, with crude climbing from $104 to $107 per barrel before settling around $105, as Qatar stepped in to mediate fresh talks between the United States and Iran.
The diplomatic push is aimed at ending the current conflict and reopening the Strait of Hormuz, a critical passage for global oil shipments that has been disrupted for months.
Reuters reported that Qatari mediators are scheduled to meet separately with Iranian Foreign Minister Abbas Araqchi in New York and with US officials on Monday or Tuesday. The talks will centre on a revised version of a seven-day truce proposal presented by Iran last week during the United Nations General Assembly.
Iran's ISNA news agency confirmed the planned meeting in New York to review the latest proposals.
Under Iran's proposal, hostilities in Iran and Lebanon would end, billions of dollars in frozen Iranian assets would be released, sanctions on Iranian oil would be lifted, and the US blockade on Iranian ports would be removed.
In exchange, Iran would reopen the Strait of Hormuz and both sides would return to negotiations over Tehran's nuclear programme.
US President Donald Trump rejected the first draft of the proposal on Saturday, saying Iran was pushing for a quick agreement because of mounting economic pressure. But on Sunday, he told Axios that US negotiators would still meet with Iran this week, keeping diplomatic efforts alive.
Foreign Minister Araqchi said Iran had not yet received formal notice of the US rejection through mediators and was awaiting Washington's official position.
Tehran maintains it is open to ending the conflict but will not be coerced.
The Strait of Hormuz, through which a large share of the world's oil passes, has been largely shut since fighting escalated on February 28 following US and Israeli strikes on Iran, a development that has continued to rattle the global crude market.
It was not clear as of press time if the meetings in New York had taken place due to the time difference.
