Commodities
Oil Prices Spike Amid Strait Disruptions and Iran-US Talks Uncertainty
Oil prices surged on Monday as disruptions in the Strait of Hormuz and uncertainty over the future of Iran-US talks fueled concerns about global oil supplies.
The price of Brent crude rose by around 1% to $89.40 a barrel, while West Texas Intermediate (WTI) gained 44 cents to trade at $82.83.
Analysts attribute the recent rise in oil prices to two main factors: attacks on three oil tankers operated by Abu Dhabi National Oil Company and growing uncertainty over the Islamabad Agreement between Iran and the United States.
The deadline for a final deal under the agreement expired on Monday, but Iranian Foreign Minister Abbas Araghchi said Tehran has not yet decided whether to resume talks with Washington.