#1 out of 13
world1d ago
Oil prices surge on reports that Iran has cut off communication with US
- Oil prices jumped on reports Iran stopped exchanging messages with the US, fueling market uncertainty.
- Brent crude jumped as much as 7.1% to over $97.50 a barrel; WTI rose as much as 8.3%.
- Tasnim reported Iran halted communications with the US amid Lebanon-related tensions.
- The Strait of Hormuz and Bab el-Mandeb are central chokepoints mentioned in context of the disruption.
- Analysts noted possible progress had stalled, with Iran demanding tougher concessions.
- US and Iranian negotiators had earlier signaled potential deal progress before the breakdown.
- Market watchers cited Lebanon-related fighting as influencing Iran-US discussions.
- Oil-market pressures persisted as the global energy backdrop remained unsettled.
- AAA reported US gasoline prices at about $4.32 per gallon on Monday.
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