Middle East Diplomacy Hits Snag as Oil Prices Surge

International diplomatic efforts in the Middle East hit a snag on Monday as a crucial meeting between Iran and Gulf nations was postponed.

The talks were meant to address shipping routes through the Strait of Hormuz, a critical channel for global oil. Iranian officials cited regional requests as the reason for the delay.

Meanwhile, attacks on key oil transit routes, including ones in Saudi Arabia, raised concerns over global energy supplies and sent oil prices soaring by more than 3%.