Oil Rises 1% After US-Iran Negotiations Break Down

Oil prices climbed more than 1% on Monday after peace negotiations between the United States and Iran broke down, keeping the Strait of Hormuz largely closed and global supplies under pressure.

Brent crude rose $1.35 to $106.68 a barrel, while West Texas Intermediate gained 95 cents to $95.35. Both benchmarks posted their biggest weekly gains since the start of the war last week.

President Donald Trump scrapped a planned trip to Islamabad by his envoys as Iranian officials arrived in Pakistan. Trump also posted on Truth Social urging forces to “shoot and kill” any Iranian boat laying mines in the strait. Tehran has largely shut the waterway, and Washington has imposed a port blockade.

Shipping data showed just one oil products tanker entered the Gulf on Sunday.

Goldman Sachs raised its fourth-quarter oil price forecasts, citing reduced Middle East output and the risk of product shortages. “The economic risks are larger than our crude base case alone suggests,” the bank said.

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