The US-Iran peace talks have stalled, and crude oil futures rose more than 2% early Monday.

Golden Ten Data reported on April 27 that crude oil futures rose more than 2% at the beginning of trading on Monday. The rise was driven by stalled peace talks between the US and Iran, while oil shipments through the Strait of Hormuz remain limited, keeping global oil supplies tight. Recently, crude oil futures prices have been highly volatile, with traders having to not only predict when oil exports will resume from the Persian Gulf, but also estimate how long it will take for production in the region to recover to prewar levels. On Sunday, Trump said that due to Iran’s inability to export oil, the country is facing increasing domestic pressure, which could potentially cause long-term damage to its energy export infrastructure. Analysts at Goldman Sachs said on Sunday that they have delayed their estimate for the Strait of Hormuz to return to normal export levels from mid-May to late June. Meanwhile, they raised their forecast for fourth-quarter WTI crude prices from $75 per barrel to $83 per barrel.