Prices of benchmark crude oil rises by more than 2%.

Prices of crude oil increased amid uncertainty over the prospects for resolving the conflict in the Middle East, according to trading data, cited by Report.

The August futures for Brent crude on the London ICE Futures exchange were priced at $93.01 per barrel, which is $1.89 (2.07%) higher than at the previous trading close.

WTI crude oil futures for July on the New York Mercantile Exchange (NYMEX) rose by $2.21 (2.53%) to $89.57 per barrel.

Over the weekend, the United States and Iran exchanged proposed amendments to a draft agreement that would extend a ceasefire and reopen the Strait of Hormuz, but it is unknown how much progress the sides have made in the negotiations.