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Euronews

Angela Barnes

Oil prices rally on Iran's US talks freeze and Strait of Hormuz threat

Lebanon Israel Nasdaq

Crude prices climbed in afternoon trade on Monday as Iran suspended talks with the US and pledged to fully close the Strait of Hormuz, fuelling investor fears that the broader Middle East conflict could escalate rather than move towards a peace deal.

At the time of writing, US West Texas Intermediate (WTI) crude was up 7.69% at $94.08 per barrel, while Brent crude rose 6.43% to $97.07 per barrel.

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