US-Iran Tensions Send Oil Prices Soaring Above $100 a Barrel

Oil prices surged on Monday after the US and Iran traded fresh threats, with Brent crude rising 2.35% to $101.58 per barrel and West Texas Intermediate gaining 1.66% to over $92 a barrel.

The increase comes as tensions between the two nations escalate, with Tehran's General Staff releasing a statement saying President Donald Trump's threats of annihilation are 'not a sign of power but a sign of their strategic desperation.'

In a statement published in the country's semi-official news agency Merh, the force added that Iranian forces believe Trump's threats do not 'change power calculations and will never compensate for America's diminished position in the new global order or its humiliating defeats in the war against Iran and the Resistance Front.'

Despite the tensions, President Trump said on Tuesday that US and Iran officials met for three hours to discuss whether it is possible to end hostilities, with envoys Steve Witkoff and Jared Kushner representing the Trump administration.