Crude oil prices jump 4% on US-Iran peace talks failure; Brent crude near $104 per barrel
US-Iran war: Oil prices surged on Monday, 11 May, after the United States and Iran failed to reach an agreement on a Washington-backed peace proposal, while the Strait of Hormuz largely remained shut, raising concerns over tight global energy supplies.
Brent crude futures rose $3.18, or 3.14%, to $104.47 a barrel, building on Friday’s 1.23% gain. Meanwhile, US West Texas Intermediate crude advanced $3.92, or 4.11%, to $99.34 a barrel, following a 0.64% increase in the previous session.
