(RTTNews) – Oil prices jumped more than 5 percent on Monday amid uncertainty surrounding the second round of diplomatic talks between the United States and Iran.
Brent crude prices soared over 5 percent toward $96 a barrel while WTI crude futures WTI crude futures surged 6.3 percent to $87.80.
The dollar firmed to a one-week high as Middle East tensions escalated over the weekend and the Strait of Hormuz remained closed, impacting global shipping and energy markets.
Hours after U.S. President Donald Trump announced delegation to Islamabad, Iran rejected participation in a second round of peace talks, citing Washinton’s excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the continuing naval blockade, which it considers a breach of the ceasefire.
Tehran accused Washington of playing a “blame game” and violating international law after American forces seized an Iranian-flagged cargo ship.
“You cannot keep violating the international law, double down on your blockade, threaten Iran with further war crimes, insist on unreasonable demands, pace out with rhetoric and pretend to be pursuing diplomacy,” Reza Amiri Moghadam, Iran’s Ambassador to Pakistan, wrote in a post on X.
Iran’s state sponsored broadcaster, Islamic Republic News Agency (IRNA), also said that American’s excessive demands, unrealistic expectations and the naval blockade of Iranian ports have so far hindered progress in the negotiations.
Iran has launched drone attacks on U.S. military ships following the seizure of an Iranian vessel near the Strait of Hormuz.
U.S. President Trump has threatened to bomb Iran’s power plants and bridges unless Iran accepts his terms.
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