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Crude oil prices are up to start the week as plans for peace negotiations between the U.S. and Iran once again falter.

Brent crude oil, the international standard, is currently trading at $107.64 U.S. a barrel after briefly touching $108 U.S. in early trading on April 27.

West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is trading at $95.72 U.S. a barrel as the U.S. called off a second round of peace talks with Iran over the weekend.

Concerns remain about the resumption of oil through the Strait of Hormuz waterway, where 20% of the world's crude typically travels.

The Strait of Hormuz has been effectively closed since the U.S. and Israel attacked Iran on Feb. 28 of this year.

However, Iran has reportedly offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred.

Iranian Foreign Minister Abbas Araghchi traveled to Islamabad over the weekend but met only with Pakistani officials before leaving. A delegation from the U.S. never showed at the meeting.

Commodities analysts warn that crude oil prices could end the year above $100 U.S. a barrel if the Strait of Hormuz remains closed for much longer.

Some analysts are also warning that the backlog of tanker ships waiting to travel through the Strait of Hormuz could take a year or longer to clear at this point.