Brent Crude Surges Over 6% to $97, WTI Jumps Above $94 as Iran Halts U.S. Negotiations

According to reports from Iran's semi-official Tasnim news agency, crude oil prices surged sharply on Monday as escalating tensions between Iran, Israel, and the United States reignited supply disruption concerns in the Middle East. Brent crude futures climbed over 6% to around $97 per barrel, while West Texas Intermediate (WTI) crude jumped over 7% above $94 per barrel. The rally followed reports that Iran suspended negotiations with the United States through international mediators in response to Israel's expanding military operations in Lebanon. Traders immediately priced in renewed concerns over the Strait of Hormuz, which historically handles roughly one-fifth of global oil shipments. Even speculation about potential restrictions on this strategic waterway typically triggers significant crude oil market movements.
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