Pakistan, April 27 -- Oil prices rose nearly 3% on Monday as US-Iran peace talks stalled and global supply concerns deepened. Brent crude climbed to $108.36 per barrel, reaching a three-week high. The increase reflects tightening supply conditions and geopolitical uncertainty.

West Texas Intermediate also gained, rising to $96.85 per barrel as market sentiment strengthened. Both benchmarks recorded significant weekly gains earlier, driven by escalating conflict in the Middle East. Analysts say supply disruptions have intensified price pressures.

Read more: Oil prices rise amid Middle East tensions

Tensions remain high as shipments through the Strait of Hormuz continue to face restrictions. Reduced oil flows have contributed to global s...