Trending 
Oil prices rose on Monday, while stock markets were mixed, as the United States and Iran remained locked in an eight-week standoff.
Hopes for peace talks were dashed over the weekend when US President Donald Trump cancelled his envoys’ trip to Pakistan, casting further uncertainty over the already fragile negotiations.
“We have all the cards. They can call us anytime they want, but you’re not going to be making any more 18-hour flights to sit around talking about nothing,” US President Donald Trump said on Fox News on Sunday.
Despite this, he revealed that moments after cancelling the trip, Iran presented a revised proposal, which he described as “much better” but did not offer further details. However, Trump added that the cancellation did not indicate a return to hostilities, suggesting that the situation remained unresolved but not immediately escalating.
The cancellation of the peace talks came after Iranian Foreign Minister Abbas Araghchi had no plans to meet US officials in Islamabad. Iranian state television reported that Araghchi had instead travelled to Saint Petersburg for talks with Russian President Vladimir Putin. Araghchi criticised the US for its “excessive demands” and underscored the global significance of ensuring safe passage through the Strait of Hormuz.
Meanwhile, oil prices rose by around 2 per cent, driven by continued uncertainty over shipping routes through the Strait of Hormuz, a critical waterway for global oil and gas shipments.
However, analysts cautioned that if tensions escalate into open conflict, oil prices could surge further, possibly rising above $110 per barrel.
Stock markets saw mixed results, with some Asian indices, including Tokyo, Seoul, and Taipei, benefiting from gains in AI-powered tech stocks following strong earnings reports from companies like Intel. In contrast, markets in Hong Kong, Sydney, Singapore, and Manila experienced declines.
Investors are also awaiting earnings reports from major US tech companies like Alphabet, Meta, and Apple, while the Federal Reserve’s policy meeting this week is expected to draw significant attention, with no changes to interest rates.
