The announcement that peace negotiations were halted was said to be a response to Israel's continued attacks on Lebanon, reports the state-run Iranian Tasnim.
As soon as trading opened at midnight on Monday, the price of North Sea oil increased. The rise picked up just after 3 p.m. on Monday. A barrel of North Sea oil was $96 at 3:30 p.m., up about 5 percent.
When trading closed on Friday, the price was just over $91 per barrel.
Before the war began on February 28, oil cost around $70.
