US Rejects Iran Talks, Sending Global Oil Prices Soaring

Global oil prices surged on Thursday after the US rejected negotiations with Iran, fueling concerns over prolonged disruptions to Middle East energy supplies.

Brent crude futures jumped $1.08 to $88.92 a barrel, rebounding from three consecutive sessions of losses. Meanwhile, US West Texas Intermediate (WTI) crude gained slightly to reach $82.42, despite a recent build-up in US domestic crude inventories.

The price surge reflects fading market optimism for a diplomatic breakthrough. The White House confirmed that no negotiations are underway with Tehran, emphasizing that talks will only resume when Iran engages meaningfully.

Market analysts warn that the core disputes remain unresolved, particularly concerning Iran's nuclear program and its strategic leverage over the Strait of Hormuz, which remains heavily restricted.