International stock markets, along with gold and silver prices, experienced a sharp decline on Monday evening.
Conversely, the price of crude oil surged, with gains expanding to 5%.
The market moves followed reports of a setback in negotiations between the United States and Iran.
The Iranian Tasnim News Agency reported that Iran has suspended its talks with the U.S. in protest of actions taken by Israel in Lebanon.
The agency stated that due to Israel's continued attacks in Lebanon and the subsequent violation of ceasefire conditions on all fronts, including in Lebanon, Iran's negotiating team is pausing the talks and text exchanges being conducted through intermediaries.
Iran has demanded that Israel immediately cease its wars in Gaza and Lebanon and fully withdraw its military forces from Lebanon.
The report added that no negotiations will proceed until Iran and allied resistance forces have their positions on these matters addressed.
Furthermore, Tasnim reported that Tehran and allied armed groups in the region are considering a complete closure of the Strait of Hormuz and the opening of other fronts, including the Bab el-Mandeb Strait at the southern end of the Red Sea.
This waterway has previously seen attacks on shipping by the Iran-backed Houthi group from Yemen.
Earlier on Monday, Israeli Prime Minister Benjamin Netanyahu directed the military to target the Dahieh area of Beirut, a stronghold of the Lebanese Hezbollah group.
An Israeli official stated that the plan for strikes on Beirut was coordinated with the United States.
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