Oil prices rise as US-Iran peace talks stall

Oil prices have risen after plans for a second round of peace talks between the US and Iran stalled again. Brent, the global benchmark, rose by around 2% to $109.33 (£80.72) a barrel, while US-traded crude also increased by 2% at $96.78. US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts. Brent crude has risen by more than 10% since Trump announced last week that he would extend a ceasefire with Tehran to give its leadership a chance to present a "unified proposal".