Oil prices climbed in early Asian trading as diplomatic efforts to secure a U.S.-Iran ceasefire and reopen the Strait of Hormuz remained stalled.

“Iran and the U.S. remain far apart over a ceasefire agreement and the reopening of the Strait of Hormuz,” NAB’s Sally Auld says in commentary.

“Tehran said it was standing by a proposal rejected by President Trump, although Iranian Foreign Minister Abbas Araghchi was reportedly still due to meet mediators in New York,” the group chief economist adds.

The Strait of Hormuz is a key waterway through which one-fifth of the world’s oil is transported. Front-month WTI crude oil futures are 1.0% higher at $93.52 a barrel, while front-month Brent crude oil futures are up 1.1% at $106.41 a barrel.