NEW YORK: Oil prices rose on Monday, but eased off session highs on expectations that Qatari mediators would hold talks with the US and Iran to try to find a possible peace deal.
In earlier trading, prices surged more than $4 a barrel after US President Donald Trump rejected a proposal from Iran that would reopen the Strait of Hormuz.
Brent futures were up 91 cents, or 0.9 per cent, to $105.23 a barrel at 1:33pm EDT (1733 GMT). US West Texas Intermediate (WTI) crude was up 20 cents, or 0.2pc, to $92.61.
Qatari mediators are expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and with the US side on Monday or Tuesday, an official briefed on the negotiations told Reuters.
The talks are expected to focus on an amended version of a seven-day proposal that Iran presented last week on the sidelines of the United Nations General Assembly, said the official, who spoke on condition of anonymity.
Over the weekend, Iran insisted that only diplomacy can solve its conflict with the US and Israel, after Trump rejected the Iranian proposal to reopen the Strait of Hormuz and end hostilities.
Keeping the door to diplomacy open, however, Trump told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.
Published in Dawn, September 29th, 2026
