KARACHI – Oil markets witnessed sharp hike on Monday as rising geopolitical tensions sent prices climbing, after fresh setback in peace talks between United States and Iran.
Global benchmark Brent crude jumped by 2.2%, reaching $107.70 per barrel, while U.S. crude surged 2.1% to hit $96.40 per barrel. The spike comes after Donald Trump revealed on Saturday that Washington had abruptly cancelled a planned visit of its delegation to Pakistan for negotiations with Iranian officials, casting serious doubt over diplomatic progress.
Global Oil Prices
| Indexes | Last | Change |
| WTI Crude | 95.35 | +0.95 |
| Brent Crude | 106.66 | +1.33 |
| Murban Crude | 103.59 | -2.36 |
| Natural Gas | 2.515 | -0.008 |
| Gasoline | 3.495 | +0.032 |
Tensions intensified dramatically since the outbreak of conflict involving Iran, placing global energy supplies under severe strain. In a bold and alarming move, Iran has shut down the strategically critical Strait of Hormuz and warned of potential attacks on cargo vessels navigating the route—a development that could disrupt a major portion of global trade.
Iranian Foreign Minister Abbas Araghchi stated on Sunday that high-level discussions are underway with Oman, a neighboring country situated along the Strait of Hormuz, focusing on bilateral relations and the rapidly evolving regional situation.
He stressed that Iran is working on mechanisms to ensure secure maritime movement, stressing that safe navigation is vital not only for neighboring nations but for the entire world. He reiterated that regional countries remain Iran’s top priority.
The stakes are extraordinarily high, as nearly one-fifth of the world’s crude oil and liquefied natural gas (LNG) supplies pass through the Strait of Hormuz. Any prolonged disruption could trigger massive ripple effects across global economies, raising fears of supply shocks and further price surges.
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