Oil Prices Surge as US–Iran Peace Talks Stall Again
Global crude oil prices surged as renewed uncertainty over US–Iran peace negotiations and rising Middle East tensions continue to pressure energy markets.
- Global oil prices rose sharply, with Brent crude and US WTI gaining after US–Iran peace talks stalled once again
- Rising tensions in the Middle East, have heightened concerns over global energy supply disruptions
- Diplomatic uncertainty continues as US and Iranian officials exchange statements
Global oil prices climbed sharply on Monday morning in Asia after renewed uncertainty over planned US–Iran peace talks, which have once again been delayed.
Brent crude, the international benchmark, rose by 2.2% to $107.70 per barrel, while US West Texas Intermediate (WTI) increased by 2.1% to $96.40.
The surge follows comments from US President Donald Trump, who said over the weekend that Washington had cancelled plans to send a delegation to Pakistan for negotiations with Iranian representatives, citing logistical concerns and growing political confusion in Tehran.
Energy markets have remained highly volatile since the escalation of tensions involving Iran, particularly after threats that disrupted shipping routes through the strategically vital Strait of Hormuz. The waterway, which handles about a fifth of global oil and liquefied natural gas shipments, has come under pressure following retaliatory threats linked to US and Israeli airstrikes.
Iranian Foreign Minister Seyed Abbas Araghchi confirmed that discussions are still ongoing with Oman, a key regional mediator along the Strait of Hormuz. He said talks focus on ensuring safe maritime passage and regional stability, adding that neighbouring countries remain a priority for Tehran.
In a post on Truth Social, President Trump accused Iran’s leadership of internal confusion, insisting that Washington holds a stronger negotiating position. He also stated that excessive travel and coordination issues contributed to the decision to halt the planned talks.
Analysts note that Brent crude has now risen by more than 10% since last week, when Trump announced a temporary extension of a ceasefire period to allow Iran to present a unified diplomatic proposal.
