Oil prices rise to near-three week highs as US-Iran peace talks falter

Oil prices have hit a near three-week high as hopes of progress on
peace talks between the US and Iran were dashed once again, after President Donald Trump cancelled plans to send a negotiating team to Pakistan.

The cost of benchmark Brent crude continued its ascent, rising 2% to just under 108 US dollars a barrel in early morning trading on Monday, rising back up to levels seen before the first round of peace talks began in early April.

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