Oil prices climbed as tensions remained elevated in the Middle East, with negotiations over a permanent US-Iran ceasefire showing little sign of breakthrough. Brent crude rose above $93 a barrel in early Asian trading after closing at its lowest since mid-April on Friday, indicating renewed market anxiety.

Markets reacted cautiously with S&P 500 equity contracts edging lower while the dollar strengthened slightly against major peers. The price increase reflects persistent concerns about potential disruptions to oil supplies from the strategic region that handles about a fifth of global oil shipments.

The situation creates uncertainty for energy-dependent businesses and consumers as transportation costs face upward pressure. With diplomatic efforts stalling, markets will continue pricing in geopolitical risk premiums until a resolution emerges on the nuclear talks that have dragged on for months.