New Delhi: The crude oil prices jumped on Monday as US-Iran negotiations the collapsed in Islamabad and President Donald Trump renewed strike threats against Tehran. The international crude oil market soared following the inconclusive talks between the Iranian regime and Trump administration. The latest data showed that WTI crude futures surged as much as 9.3% to above $105 per barrel on Monday, rebounding from last week’s losses as geopolitical tensions escalated.
Strait of Hormuz Blockade
The US blockade of the Strait of Hormuz, effective from 10 a.m. Eastern Time, followed unsuccessful negotiations with Iran in Pakistan. The closure of this critical shipping route has driven sharp increases in oil and gas prices, heightening inflation risks and concerns over global growth. Meanwhile, Saudi Arabia restored full capacity on its East-West pipeline to the Red Sea and resumed output from the Manifa field, offering some supply-side support. Meanwhile, Brent crude oil also went up by 7.60%, reaching $102.438 per barrel.
Failed US-Iran Talks send crude oil prices soaring
The rise in crude oil prices indicate that geopolitical tensions have increased uncertainty in the market regarding energy supplies, which has raised investors’ concerns and price rise. Notably, the announcement of a two-week ceasefire between Iran and the United States on the night of April 7-8, 2026, had brought much needed relief to the crude, gas and financial markets across the world. However, the relief was shortlived as the talks between Iran and the US in Pakistan ended without a deal.
Market uncertainty has again increased after the failure of US-Iran talks. Trump’s threat of US Navy’s intervention in the Strait of Hormuz has further aggravated the situation. Around 20 per cent of global oil passes through this strategic waterway which has been closed by Iran following military strikes by US and Israel.
On April 7th, the crude oil price was hovering around $117 per barrel. However, after the ceasefire announcement prices fell. The oil prices reached $91 per barrel on April 11th. However, after the talks between Iran and the US in Pakistan ended without a deal the prices soared again.