Stocks Market
Oil Prices Surge as Washington‑Iran Talks Stall Over Lebanon and Nuclear Issues
Crude oil jumped on Monday after Tehran announced it had halted negotiations with Washington, citing Israel’s actions in Lebanon and unresolved nuclear questions. The suspension drove Brent up 6.6% to $97.13 and WTI up 7.6% to $94.02, raising fears of a supply squeeze through the Strait of Hormuz if the Middle‑East conflict persists.
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Oil market reacts to renewed US‑Iran tensions
Crude prices jumped on Monday after an Iranian state media outlet reported that Tehran had halted negotiations with Washington aimed at ending the Middle‑East war. Iran reiterated that any deal must be linked to a cease‑fire in Lebanon, where Israeli forces are striking Hezbollah positions.
According to Iran’s Tasnim news agency, Tehran ended talks because of what it called Israel’s “ongoing crimes” in Lebanon. The cessation of dialogue dampens hopes of a swift resolution and of a normal flow of Gulf oil through the Strait of Hormuz.
At 14:05 GMT, Brent crude for August delivery – the first day it is used as the benchmark contract – surged 6.60 % to $97.13 per barrel. The U.S. West Texas Intermediate (WTI) for July delivery rose 7.62 % to $94.02.
“The risk of a breakdown in the talks is real,” said Arne Lohmann Rasmussen, analyst at Global Risk Management.
In addition to Lebanon, the nuclear question remains unresolved. Former President Donald Trump reiterated on his Truth Social platform that any agreement “clearly states Iran will not obtain a nuclear weapon,” while Tehran maintains its nuclear programme is not on the agenda.
Hostilities continued over the weekend. Kuwait’s air‑defence forces intercepted “hostile” missiles and drones, and the United States reported shooting down two Iranian missiles aimed at American troops in the Gulf.
Energy‑sector leaders warned that, without a durable peace settlement, the oil market could slip into a “red zone” with supply shortages in July or August.