According to CoinMeta, oil prices rose by 2% due to stalled negotiations between the US and Iran. Brent crude oil prices increased by 2.5% to $106.92, while West Texas Intermediate (WTI) crude oil prices rose by 2.3% to $94.49, following President Trump's rejection of Iran's proposals to end the conflict and reopen the Strait of Hormuz. Further negotiations between the US and Iran are expected this week, and attacks by Houthi militants on Saudi Arabia have increased regional risks. Middle Eastern exports are beginning to recover, but analysts say that the oil market is still in a deficit, putting upward pressure on prices.