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Oil prices surged after peace talks between the United States and Iran stalled on Sunday, with Brent crude and West Texas Intermediate both jumping sharply at the market open in New York.
Brent crude oil futures rose by 7% when markets opened Sunday at 6 p.m. in New York. West Texas Intermediate (WTI) futures increased by 6%, reaching $88 a barrel at the open.
Oil costs have risen worldwide since the US and Israel attacked Iran in late February. Iran retaliated by effectively closing the Strait of Hormuz, a key waterway connecting the Persian Gulf to the Indian Ocean. The strait carries around 20% of the world’s oil supply and liquefied natural gas.
In the weeks leading into the weekend, crude prices had moderated, falling more than 20% from recent highs through Friday on renewed optimism for a peace deal. However, the continued closure of the Strait has pushed countries to adopt energy-saving measures while prices remain elevated.
Examples cited in the article include the Philippines implementing a four-day workweek for government employees. In the United States, the national average price for a gallon of regular gas surpassed $4 in March for the first time since August 2022. The article also notes that higher jet fuel costs have led some airlines to cancel routes and increase customer fees.
After a tense weekend, President Donald Trump said US-Iran peace talks would resume, writing that his representatives were going to Islamabad, Pakistan, for negotiations. He added that the US was offering a “fair and reasonable DEAL,” and warned of potential strikes if Iran did not agree.
Iran responded hours later, saying it would not participate in the second round of negotiations. Iran’s official news agency, IRNA, said the decision was based on what it described as Washington’s “excessive demands,” “unrealistic expectations,” frequent changes in stance, repeated contradictions, and an ongoing naval blockade that it considers a breach of the ceasefire.
Later on Sunday, Trump said a US Navy destroyer shelled an Iranian-flagged cargo ship that attempted to pass the blockade. He wrote that the Iranian crew refused to comply and that US Marines took custody of the vessel, adding that the ship is under US Treasury sanctions due to prior illegal activity.
Monday’s meeting in Islamabad would have been the second round of negotiations between the US and Iran during the current conflict. Vice President JD Vance participated in peace talks earlier this month, which failed after 21 hours.
The heightened tensions are occurring amid a two-week ceasefire deal between the US and Iran. The article states that on April 12, Trump said the US Navy would impose a blockade of the Strait of Hormuz “effective immediately.” Iran agreed not to attack ships transiting the Strait on Friday as part of the ceasefire, which also extends to Lebanon, but closed the strait again the next day after the US blockade of its ports.
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