Oil prices jump as Iran-US talks stall, supply tightens

Oil prices increased as markets reacted to stalled US-Iran negotiations and continued restrictions on shipments through the Strait of Hormuz, raising concerns over global supply tightness, News.Az reports, citing Al Jazeera.

Brent crude futures climbed $2.22, or 2.11 percent, reaching $107.55 per barrel at 22:02 GMT.

Meanwhile, US West Texas Intermediate (WTI) rose $2.02, or 2.14 percent, to $96.42 per barrel.

The upward movement in prices came amid ongoing delays in Iran-US peace talks, combined with limited oil transit through the Strait of Hormuz, a critical chokepoint for global energy supplies. These factors have contributed to tighter market conditions and upward pressure on crude prices.

News.Az 

By Nijat Babayev