Oil prices climb as peace talks stall between US and Iran
Oil prices increased while global stock markets showed mixed results as hopes for peace talks between the United States and Iran faltered. Donald Trump cancelled his envoys’ trip for negotiations, citing a lack of progress, and stated that the US holds all the cards in the ongoing conflict. Iranian officials, including Abbas Araghchi, continued diplomatic efforts in the region but blamed the US for excessive demands. The uncertainty over the Strait of Hormuz and ongoing tensions have kept markets on edge.
TLDR
- Donald Trump cancelled US envoys’ peace talks with Iran, saying negotiations were unproductive.
- Iran quickly submitted a revised proposal after the cancellation, but talks remain stalled.
- Abbas Araghchi visited Saint Petersburg for discussions with Vladimir Putin after stops in Islamabad and Oman.
- Oil prices rose around two percent, with Brent crude at $107.51 a barrel and West Texas Intermediate at $96.18.
- Stock markets were mixed globally, with some Asian indices up and others, including London and New York, down.
