\n Oil prices climbed Sunday after Tehran warned against a US ground invasion, despite President Donald Trump saying on Friday that negotiations would continue to end the war.\n <\/p>\n
\n Brent crude, the global benchmark, rose 2.47% to $107.92, while US crude rose 2.94% to $102.57.\n <\/p>\n
\n Iran\u2019s parliament speaker on Sunday said the country\u2019s forces are \u201cwaiting\u201d for American troops. The warning came after Trump on Friday said \u201ctalks are ongoing\u201d and extended the deadline for his ultimatum calling on Iran to reopen the Strait of Hormuz.\n <\/p>\n
\n Yemen\u2019s Iran-backed Houthi rebel group, which launched strikes against Israel on Saturday, poses another threat to oil shipments in the region. The rebels could close the Bab al-Mandab Strait, a chokepoint linking the Red Sea to global shipping lines.\n <\/p>\n
\n Foreign ministers from Pakistan, Saudi Arabia, Egypt and Turkey are also working to bring the war to an end. The officials\u2019 meeting on Sunday was \u201cvery productive,\u201d according to Pakistan\u2019s Foreign Minister Ishaq Dar, who added that Pakistan will facilitate talks between the US and Iran in the \u201ccoming days.\u201d\n <\/p>\n
\n The war has caused the largest oil disruption in history due to the closure of the strait, which 20% of the world\u2019s oil flows through. Strikes targeting oil and gas facilities have also triggered higher gas prices. Americans are paying for the effects of the war at the pump: a gallon of gas in the US costs $3.98 on average Sunday.\n <\/p>\n
\n Smaller nations will be hit hardest \u2014 including countries in Asia \u2014 but rising oil prices will have a rippling effect across the global economy, Bob McNally, president of Rapidan Energy, told CNN on Sunday. In a worst-case scenario, surging oil prices could be ended by a recession, he added.\n <\/p>\n
\n \u201cOnce you hurt the economic growth, it\u2019s a brutal way, but an effective way, of killing oil demand, which then will cap the price,\u201d he said.\n <\/p>\n