Oil prices rise as US-Iran peace talks stall
Summary
Oil prices went up on Monday after talks between the US and Iran did not make progress. The rise happened because a planned peace negotiation team from the US was canceled, and concerns grew about safety in the key Strait of Hormuz for shipping oil.Key Facts
- Brent oil price increased by 2.2% to $107.70 per barrel.
- US crude oil price rose by 2.1% to $96.40 per barrel.
- President Donald Trump said the US canceled plans to send negotiators to Pakistan for talks with Iran.
- The Strait of Hormuz, a critical route for global oil and gas, was threatened by Iran, causing supply concerns.
- Iran’s Foreign Minister said talks with Oman focus on safe transit through the strait.
- About 20% of the world’s oil and liquefied natural gas normally passes through the Strait of Hormuz.
- The Iran war and related military actions have pressured global energy supplies.
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