Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.

Oil prices rose, the dollar inched higher and U.S. stock futures wobbled lower in early Asia ​trade on Monday after U.S.-Iran peace talks stalled ‌over the weekend, leaving Gulf shipping blocked.

The past trading week saw oil prices rise by over 11%, as diplomatic efforts to bring peace to the Middle East continue to falter. Another price spike may be looming.

Chevron CEO Mike Wirth said in a Sunday interview that “upward pressure” on oil prices amid the U.S. conflict in Iran is “likely to continue,” as the war stretches into its second full month. “We’re in a period where there’s been significant supply taken out of the system,

Oil prices jump as U.S.-Iran talks stall and Strait of Hormuz shipments stay limited, tightening crude supply.

Geopolitical tensions between the United States and Iran continue to intensify, significantly impacting global energy markets and international diplomacy. U.S. naval forces recently intercepted a sanctioned vessel,

U.S. stock-index futures dropped on Sunday as oil prices rose, ahead of a key week for Wall Street following record highs for the S&P 500 and the tech-heavy Nasdaq.

Oil hasn't surged to $200 like some, including Trump, had expected. Business Insider spoke to energy market pros about what's kept a lid on prices.