Oil prices surge amid mixed signals on US-Iran peace talks

Brent Crude rises more than 7 percent as Washington and Tehran offer conflicting accounts on ceasefire negotiations.Oil prices have risen sharply following attacks on commercial vessels in the Strait of Hormuz and conflicting messages about the prospect of renewed negotiations between the United States and Iran.Brent Crude futures, the primary benchmark for global prices, jumped more than 7 percent in Asia on Monday as the outlook for peace between Washington and Tehran darkened.Recommended Stories list of 4 itemslist 1 of 4Schools, shops shut in northern Israel to protest the Lebanon ceasefirelist 2 of 4Argentina’s Milei backs US-Israel war on Iran in Jerusalem visitlist 3 of 4US forces attack and seize Iranian ship Touska near Strait of Hormuzlist 4 of 4Outrage after photo shows Israeli soldier smashing Jesus statue in Lebanonend of listPrices eased somewhat later in the morning, with the benchmark at $94.69 a barrel as of 02:05 GMT, up from just under $90.40 on Friday.The latest price surge came after US President Donald Trump said US forces seized an Iranian-flagged cargo vessel that had attempted to evade the US blockade of Iran’s ports.Trump’s announcement followed reports by the United Kingdom Maritime Trade Operations (UKMTO) Centre over the weekend that two vessels came under attack while transiting the strait.Iranian gunboats fired on a tanker, while an “unknown projectile” struck a container ship, according to the UKMTO.After declaring the strait “completely open” on Friday, Tehran reversed course less than 24 hours later, citing the ongoing US blockade.Earlier on Sunday, Trump said that a US delegation would travel to Pakistan on Monday to hold a second round of ceasefire talks with Iranian officials.Iranian state news outlet IRNA later reported that Tehran would not participate in the talks, citing the US blockade and Washington’s “excessive demands” and “unrealistic expectations”.A two-week ceasefire between Washington and Tehran is set to expire on Wednesday if the sides cannot agree on an extension.