Oil Prices Surge as Iran Halts US Talks, Threatens Hormuz Closure

Oil prices surged toward $100 a barrel on Monday after Iran suspended nuclear negotiations with the United States and threatened to close the Strait of Hormuz, according to BeInCrypto. WTI crude rose approximately 8% to $96.14, while Brent approached $100, as Iran linked further dialogue to a cessation of Israeli operations in Lebanon and Gaza. Iran's top negotiator, Mohammad Bagher Ghalibaf, cited US and Israeli actions as reasons for halting talks. Analysts warn that a dual chokepoint disruption could push oil prices well past $100, exacerbating existing inventory tightness.