Beirut: Global oil prices jumped sharply after talks between the United States and Iran on proposals to end the war stalled, heightening fears of prolonged tensions in the Gulf and disruptions to energy supplies. Brent crude futures rose by $3.18, or 3.14%, to reach $104.47 a barrel by 2336 GMT, extending Friday's 1.23% gain.

According to National News Agency - Lebanon, markets were also shaken by the continued limited passage through the Strait of Hormuz, raising concerns over tightening global energy supplies. The strategic waterway is a critical channel for the transport of oil, and any disruptions could have significant implications for global markets.

Meanwhile, gold prices retreated amid inflation concerns and continued uncertainty surrounding the future of US-Iran negotiations. Investors typically turn to gold as a safe-haven asset during times of geopolitical tension, but the current situation has led to a complex market reaction.