Global oil prices jumped sharply on Monday; Brent crude futures rose by 6.59%, reaching $97.13 per barrel, and US West Texas Intermediate crude rose by 7.54%, recording $93.95.
This sharp rise came after Tehran announced the suspension of its indirect talks with Washington, in protest against the ongoing Israeli military escalation in Lebanon and Gaza.
It was reported that Iran and its allies had developed a program to completely close the Strait of Hormuz and activate the Bab al-Mandab front, which raised severe fears in the markets about the disruption of energy supplies through the Strait, through which about 20% of global oil consumption passes.
These developments dashed the hopes of the markets that recently bet on extending the ceasefire for 60 days, especially after the Israeli raids on the southern suburbs of Beirut and southern Lebanon put maximum pressure on the negotiations process.
(Reuters)
