New Delhi, April 27 -- Global crude oil prices climbed nearly 2% on Monday amid renewed tensions between the US and Iran, after US President Donald Trump cancelled planned peace talks in Pakistan.

The benchmark ICE Brent crude futures contract rose nearly 2% to $107.28 per barrel as of 0738 IST, while WTI Intermediate crude gained 1.5 per cent to $95.78 per barrel. The jump comes as ceasefire negotiations between the US and Iran reached a standstill, raising concerns over supply disruptions through the Strait of Hormuz.

Trump on Saturday called off a trip by his envoys, including Steve Witkoff and Jared Kushner, who were scheduled to meet Iranian leaders in Islamabad. Posting on Truth Social, he said, "I just cancelled the trip of my re...