Oil prices hit 3-week high

Brent crude futures jumped nearly 3% on Monday, reaching their highest level in three weeks as hopes for a swift resolution to the Iran conflict faded.

The price spike followed President Donald Trump's decision to cancel high-level diplomatic meetings in Pakistan, citing a lack of progress.

Shipping data indicates that traffic through the Strait of Hormuz remains at a near-standstill, with only a handful of vessels crossing daily.

Analysts warn that the prolonged energy shock is beginning to drive up the cost of essential goods, including food and transport, across Europe and North America.