Oil prices rose on Monday morning in Asia after plans for a second round of peace talks between the US and Iran stalled again.

Brent, the global benchmark, rose by 1% to $106.50 (£78.66) a barrel, while US-traded crude was up by 1% at $95.40.

It comes after US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts.

Global energy supplies have been under intense pressure since the start of the Iran war as the crucial Strait of Hormuz waterway was effectively closed after Iran threatened to attack ships in retaliation for US and Israeli airstrikes on the country.

Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that "important discussions on bilateral matters and regional developments" were ongoing with Oman, its neighbour along the strait.

He posted on social media: "Our focus included ways to ensure safe transit that is to benefit all dear neighbors and the world. Our neighbors are our priority."

Araghchi arrived in St Petersburg on Monday "with the aim of meeting and holding talks with Russian President Vladimir Putin", Iranian state-run news agency Irna reported.

Around a fifth of the world's crude oil and liquified natural gas (LNG) usually passes through the Strait of Hormuz.

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".

Traders appear to be less reactive to the latest headlines and are waiting for "credible" evidence of the conflict easing, said economics lecturer Goh Jing Rong from the Singapore Management University.

"I think traders want concrete evidence rather than just a fragile and reversible ceasefire agreement," Goh said.

Trump wrote in a Truth Social post on Saturday that there was "too much time wasted on travelling" and "too much work" in sending US representatives to Islamabad.

The president added that "there is tremendous infighting and confusion" within Tehran's leadership.

"Nobody knows who is in charge, including them," he said. "Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!"

Major Asian indexes continued to climb, with some hitting new record highs after falling sharply at the start of the conflict.

Japan's Nikkei 225 index gained by 1.5% on Monday, adding to a rise of more than 12% in the past month.

The Kospi in South Korea has jumped by more than 20% in the past month, rising by 2.3% on Monday.

Japanese and South Korean stocks were initially hit hard as their economies are heavily reliant on energy supplies from the Gulf.

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The US announced three days ago that the ceasefire was extended by three weeks after talks.

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