Oil prices have climbed higher amid stalled peace talks between the United States and Iran.
Brent crude rose more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran collapsed over the weekend.
After a slight pullback, Brent, the global benchmark, stood at $106.99 as of 1:30 GMT.
Stock markets in Asia, however, opened higher on Monday despite the diplomatic impasse, with Japan’s benchmark Nikkei 225 and South Korea’s KOSPI gaining 0.9 percent and 1.5 percent, respectively, in morning trade.
Donald Trump on Saturday cancelled a planned trip to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iranian Foreign Minister Abbas Araghchi left Islamabad before any direct engagement between the sides could take place.
Araghchi arrived in Saint Petersburg, Russia, on Monday for talks with Vladimir Putin and other officials, as Tehran seeks a way out of the growing diplomatic deadlock.
His trip follows a brief visit to Oman and comes amid uncertainty over the fragile ceasefire between Washington and Tehran.
Trump had earlier extended a two-week truce last week, without giving a clear deadline for a long-term agreement to end the conflict.
As US and Iranian negotiators struggle to break the impasse, Iranian threats against commercial shipping in the Strait of Hormuz have sharply reduced maritime traffic, severely disrupting global energy flows.
On Saturday, only 19 commercial vessels passed through the Strait of Hormuz, which normally handles about one-fifth of global oil and natural gas supplies, according to maritime intelligence platform Windward.