Brent oil tops $107 per barrel after Iran peace talks stall
Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026.
Stringer | Reuters
Oil prices surged by 2% on Sunday following the collapse of plans for a second round of peace talks between the U.S. and Iran.
Tensions escalated in the Strait of Hormuz as Iran’s Revolutionary Guard reportedly boarded two cargo ships in the strategic sea lane.
International benchmark Brent oil futures rose over 2% to $107.89 per barrel, while U.S. crude oil prices jumped more than 2% to $96.63.
President Donald Trump canceled envoy Steve Witkoff and Jared Kushner’s trip to Islamabad for negotiations with Iran, citing internal conflicts within Iran’s leadership.
“Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their ‘leadership,'” Trump stated on Truth Social.
“Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Iranian Foreign Minister Abbas Araghchi visited Islamabad but only met with Pakistani officials before departing.
“No meeting is planned between Iran and the U.S.,” Iran’s Foreign Ministry spokesperson Esmaeil Baqaei announced on social media.
