Brent crude oil, the international benchmark for oil prices, rose more than 2% on Sunday after hopes for a second round of ceasefire talks between Washington and Tehran were dashed over the weekend.
elchi reports that, as of 00:30 GMT, Brent crude was trading at $107.35, which is a 47% increase compared to the period before the war began.
Rise in Asian stock markets
Despite the diplomatic impasse, investors ignored the uncertainty surrounding the fragile ceasefire in the war, and leading Asian stock markets opened with higher prices.
Japan’s benchmark Nikkei 225 index rose by approximately 0.4% in morning trading, while South Korea’s KOSPI index rose by approximately 1.5%.
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