On Monday, the price of crude oil increased by nearly 3 dollars per barrel in the international market.

Fresh concerns have emerged in the oil market after no agreement was reached on Washington’s proposed peace initiative to resolve the ongoing conflict between the United States and Iran. 

Global energy supplies are under pressure as the  Strait of Hormuz remains effectively closed. 

The price of Brent crude rose to 104 dollars and 47 cents per barrel. 

Meanwhile, the price of US. West Texas Intermediate (WTI) crude increased to 98 dollars and 51 cents per barrel.