US oil prices surge to $102 per barrel amid stalled Iran talks
Oil prices just blew past $100 a barrel, and the reason is familiar: geopolitics in the Middle East. US crude benchmarks surged after peace talks between the US and Iran stalled, sending traders scrambling to price in the risk of a major disruption to one of the worlds most critical oil shipping chokepoints. Brent crude futures climbed to $103.47 per barrel after President Donald Trump declared negotiations with Iran had “failed.” West Texas Intermediate, the US benchmark, wasnt far behind, rising to $105.63 per barrel. For context, oil was trading significantly lower just days earlier, when optimism around a diplomatic breakthrough briefly sent prices tumbling more than 7%. The Strait of Hormuz factor The Strait of Hormuz, a narrow waterway between Iran and the Arabian Peninsula, handles roughly a fifth of the worlds daily oil consumption. The current spike follows announcements about a US blockade of maritime traffic in the region. Brent futures gained $6.81 in one session, a 7.2% jump, landing at $102.01 per barrel. Meanwhile, US crude inventories dropped by 2.3 million barrels, signaling that domestic supply is already tight. A diplomatic rollercoaster Earlier, when there were signs that US-Iran talks might produce a breakthrough, prices dropped sharply — over 7% in a single move.









