Brent crude prices climbed above the $100 mark as reports that negotiations between the United States and the Islamic Republic of Iran had reached a deadlock increased concerns over continued tensions and possible disruptions to global oil supplies.

Brent crude futures, which had risen to $99.30 per barrel on the previous day, closed at $98.03.

The price of Brent crude futures rose 2.5 per cent compared with the previous close, reaching $100.49 per barrel as of 13:00 local time.

At the same time, West Texas Intermediate (WTI) crude futures were traded at $92.57 per barrel.

Market analysts attributed the rise in oil prices to growing uncertainty following reports that US Secretary of State Marco Rubio called on the Iranian delegation, including Foreign Minister Abbas Araghchi, to leave the country immediately after talks between Washington and Tehran stalled.

Concerns over possible disruptions to energy supplies due to ongoing geopolitical tensions continue to put upward pressure on global oil markets.(ILKHA)