Oil prices climb above $100 as US and Iran talks stall
Brent crude rose over 7 percent to $102.31 after US and Iran talks ended in a stalemate. The US Navy is preparing a naval blockade in the Strait of Hormuz.
In Singapore, global energy markets reacted sharply to escalating geopolitical tensions as crude prices surged past the $100 threshold. The spike followed reports that the United States Navy is preparing to blockade the Strait of Hormuz after diplomatic negotiations with Iran ended without a resolution to the ongoing conflict. Brent Crude Oil futures climbed by $7.11, or 7.47%, reaching $102.31 a barrel by late Sunday. This significant recovery comes after the benchmark settled slightly lower during the previous session. Similarly, U.S. West Texas Intermediate saw a substantial gain of $7.86, or 8.14%, to trade at $104.43 a barrel, reversing a loss of 1.33% from the prior day. The stalemate in talks has heightened fears of supply disruptions in one of the world's most critical maritime corridors for energy transport. Market participants are closely monitoring the situation as the potential for a blockade threatens to further tighten global supply.
