Oil rises on stalled US-Iran talks, slower Hormuz traffic

Oil prices rose on Monday as fading hopes for a US-Iran peace breakthrough and a sharp slowdown in tanker traffic through the Strait of Hormuz heightened geopolitical risk concerns in global energy markets. Brent crude futures gained as much as 1% to $89.40 per barrel before settling up 72 cents at $89.20 by 0229 GMT.