Oil Prices Climb 2% Amid Stalled US-Iran Negotiations

Deep News07:40

International oil prices rose approximately 2% after plans for a second round of peace talks between the United States and Iran reached another impasse.

In related developments, Iran's Revolutionary Guards boarded and inspected two cargo ships near the Strait of Hormuz, underscoring persistent tensions along this strategic waterway.

As of 6:27 PM Eastern Time on Sunday (6:27 AM Monday Beijing Time), the global benchmark Brent crude futures surged more than 2% to $107.89 per barrel. U.S. crude prices also advanced over 2%, reaching $96.63 per barrel.

On Saturday local time, U.S. President Donald Trump canceled plans to dispatch envoys Steve Witkoff and Jared Kushner to Islamabad, Pakistan, for negotiations with Iran.

"Too much time spent traveling, workload too heavy! Moreover, their 'leadership' is torn by internal disputes and total chaos," Trump posted on Truth Social.

"No one knows who is in charge, not even themselves," Trump added. "Besides, we hold all the cards; they have nothing! If they want to talk, they just need to make a call!!!"

Iranian Foreign Minister Abbas Araghchi visited Islamabad over the weekend but departed after meeting only with Pakistani officials.

Iranian Foreign Ministry spokesperson Esmail Baghaei stated on social media Friday evening, "There are no plans for any meetings between Iran and the United States."

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