As negotiations between the U.S. and Iran have collapsed, with JD Vance, the U.S. Vice President leading the talks, reportedly still in the U.S., international oil prices have surged by approximately 3%.
As of 3:20 p.m. on Tuesday, Brent crude futures, the benchmark for international oil prices, have jumped 3% to 98.48 USD per barrel.
West Texas Intermediate (WTI) futures also rose by 1.35%, trading at 88.59 USD per barrel.
This spike is attributed to the breakdown in U.S.-Iran discussions. The New York Times, a leading American newspaper, reported that Vice President Vance has not traveled to Pakistan, the intended meeting venue, and remains in the U.S.
Vice President Vance’s visit to Pakistan was postponed after Iran failed to respond to U.S. negotiation demands.
Mohammad Bagher Ghalibaf, the Speaker of Iran’s Parliament, declared that Tehran would not accept negotiations under the shadow of threats.
In response, President Trump stated in a CNBC interview that he has no interest in extending the ceasefire with Iran and is prepared to resume hostilities when the ceasefire period ends. The ceasefire deadline is set for Wednesday evening.
As a result, international oil prices are rising across the board, with Brent crude experiencing a surge of about 3%.