economy
Brent oil prices top $108 per barrel after Iran peace talks unravel
President Donald Trump on Saturday canceled plans to send U.S. envoy Steve Witkoff and Jared Kushner to Islamabad, Pakistan for negotiations with Iran.
TL;DR
- Oil prices rose significantly on Monday morning.
- Plans for US-Iran peace negotiations have unraveled.
- International benchmark Brent futures closed at $108.23 per barrel.
- U.S. West Texas Intermediate futures settled at $96.37 per barrel.
- The breakdown of talks erases hopes for resuming energy flows through the Strait of Hormuz.
- Goldman Sachs raised its oil price forecast, expecting Brent to average $90 and WTI $83 per barrel in Q4.
- Citi analysts suggested Brent prices could reach $150 per barrel if disruptions continue through June.
- President Trump canceled plans for envoys to visit Islamabad, Pakistan for negotiations with Iran.
- Trump cited "tremendous infighting and confusion within their 'leadership'" as reasons for the cancellation.
- Iran's Foreign Ministry stated no meeting between Iran and the U.S. was planned.