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<p>By Yusuf Danjuma Yunusa</p><div class="lyI0vztY" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Oil prices climbed on Monday after talks on the Strait of Hormuz were postponed and Saudi Arabia shut down a major oil pipeline.</p>
<p>Brent crude for November delivery gained nearly three per cent to $107.60 per barrel, approaching the $110 level.</p>
<p>The increase came after prices edged lower on Friday following sharp gains in the preceding days.</p>
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<p>Oman announced on Sunday that planned talks between Iran and several Gulf States over the Strait of Hormuz had been postponed.</p>
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<p>Omani foreign minister Badr al-Busaidi said the postponement aimed to create conditions for consensus.</p>
<p>Saudi Arabia, the world’s largest oil exporter, has come under pressure following disruptions to major shipping routes and attacks on its oil infrastructure.</p>
<p>The kingdom suspended operations on its East-West pipeline as a precaution after drone attacks in the Riyadh and Medina regions.</p>
<p>The pipeline carries oil from the Persian Gulf to the Red Sea and provides an alternative export route that avoids the Strait of Hormuz.</p>
<p>Analysts warned that any further reduction in Saudi oil exports could drive crude prices higher.</p>
<p>Brent crude has gained nearly 80 per cent since the start of the year, although it remains below its late-April peak of more than $126 per barrel.</p>
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