ISLAMABAD / WASHINGTON — Global energy markets are in a tailspin on Monday after marathon negotiations between US and Iran ended in a bitter stalemate. The 21-hour summit, led by Vice President J.D. Vance, failed to reach a deal to end the six-week-old conflict, and it sparked fears of a total energy blockade.
| Oil | Last Price | Change |
| WTI Crude | 104.94 | +8.37 |
| Brent Crude | 102.18 | +6.98 |
| Murban Crude | 98.16 | -1.46 |
| Natural Gas | 2.682 | +0.034 |
| Gasoline | 3.175 | +0.138 |
Shortly after trading opened, WTI crude surged nearly 8% to $104.95, while June Brent crude, the international benchmark, jumped 7% to $102, sending shockwaves through global energy markets.
Oil markets had only recently been under pressure, with prices falling and equities rallying last week after Trump agreed to a fragile two-week ceasefire brokered with Pakistan’s mediation. However, optimism quickly faded as hostilities continued, Israel maintained strikes in Lebanon, and the Strait of Hormuz remained effectively closed despite the temporary truce.
US dollar surged in parallel, strengthening to a one-week high in a broad-based rally across global currencies during early Asian trading on Monday. The US dollar index climbed as much as 0.5% to 99.187, its highest level since April 7.
In a major escalation, US President Donald Trump said on Sunday that the US Navy would begin enforcing a blockade of the Strait of Hormuz after marathon negotiations with Iran collapsed, derailing hopes of ending the war and placing the already fragile ceasefire in serious jeopardy.
CENTCOM said the measures would be applied “impartially” to all vessels, regardless of nationality, operating in and out of Iranian ports and coastal waters, including those in the Arabian Gulf and the Gulf of Oman. However, it clarified that the Strait of Hormuz itself would remain open for ships traveling to and from non-Iranian ports, attempting to reassure global shipping routes amid rising fears of disruption.
