Oil Jumps, Stock Futures Slip As US-Iran Talks Stall

Oil prices rose, the dollar inched higher and US stock futures wobbled lower in early Asia trade on Monday after US-Iran peace talks stalled over the weekend, leaving Gulf shipping blocked.

Benchmark Brent crude futures rose more than two per cent to touch a three-week high of $107.97 a barrel.

S&P 500 futures eased by a modest 0.3 per cent, after US stocks notched a record closing high at the end of last week. The dollar was higher on major currencies, although not by much, leaving the euro down 0.15 per cent to $1.1706 and the yen marginally weaker at 159.53 per dollar.

Although a ceasefire has paused full-scale fighting in a war begun by US-Israeli strikes on Iran two months ago, no agreement has been reached on terms to open the Strait of Hormuz which has been all but closed, sending energy prices soaring.

US President Donald Trump cancelled a trip to Islamabad by two envoys for talks on the weekend, even as Iran's foreign minister has continued to shuttle between mediating countries.

"If they want to talk, they can come to us, or they can call us. You know, there is a telephone. We have nice, secure lines," Trump told "The Sunday Briefing" on Fox News.

"They know what has to be in the agreement. It's very simple: They cannot have a nuclear weapon, otherwise there's no reason to meet," Trump said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)