Oil Surges Past $95 as US Downplays Iran Diplomacy

The price of oil has surged nearly 5% to over $95 per barrel after US officials downplayed chances of new peace talks with Iran and disruptions hit a second key trade route.

U.S. crude oil rose as much as nearly 5.1% to almost $89 per barrel, while Brent crude, the international benchmark, climbed as high as 4.9% to over $95 per barrel for the first time in almost six weeks.

The jump in prices comes amid heightened tensions between the US and Iran, with President Donald Trump declaring that any attack on a ship in the Strait of Hormuz would be met with severe consequences, including bombing one bridge or power plant in Tehran.