Commodities
Oil Prices Surge as US-Iran Talks Stall and Saudi Exports Come Under Threat
Oil prices climbed on Tuesday as hopes for renewed US-Iran talks faded and concerns over Saudi oil supplies grew.
The international benchmark Brent crude futures rose 1.7% to $107.48 a barrel, while the US benchmark West Texas Intermediate (WTI) crude futures increased by the same margin to $103.11 a barrel.
The Iranian Supreme National Security Council Secretary Mohsen Rezaei stated that there would be no talks with Washington until Iran's conditions were fulfilled, in response to US President Donald Trump's recent remarks on resuming negotiations.
Meanwhile, fresh Houthi attacks on Saudi Arabia added to concerns over the kingdom's oil exports, with the East-West pipeline remaining out of service following last week's attacks.