International Oil Prices Surge More Than 2% as U.S.-Iran Ceasefire Talks Stall

[The Financial News] International oil prices jumped more than 2% as ceasefire talks between the United States and Iran stalled. No schedule has yet been set for further talks between the two sides.
According to CNBC, June futures for West Texas Intermediate crude oil (WTI) rose 2.2% from the previous session to $96.51 per barrel at 7:20 p.m. Eastern Time on the 26th. July futures for Brent Crude Oil climbed about 2.3% to $101.39 per barrel.
CNBC said the price surge reflected lingering tensions in the Strait of Hormuz and the breakdown of the second round of ceasefire talks between the U.S. and Iran. Even on the 22nd, when the U.S. unilaterally declared an indefinite ceasefire, the Islamic Revolutionary Guard Corps (IRGC) seized two cargo ships in the Strait of Hormuz.
The United States, which held the first round of ceasefire talks with Iran in Pakistan on the 11th, had reportedly planned to send a second delegation to Pakistan on the 25th, but later canceled the trip.
U.S. President Donald John Trump posted on Truth Social on the 25th, saying, "We just canceled the visit of our delegation that was supposed to go to Islamabad, Pakistan, and meet with the Iranian side." He added, "Too much time is being wasted traveling, and there is a lot to do!" He then claimed, "Besides, there is tremendous internal strife and confusion within their 'leadership.' No one, including themselves, knows who is really in charge." In an interview with Fox News on the 26th, Trump said that if Iran wanted talks, it could come directly to the U.S. or "make a phone call." He also said the U.S. would no longer send a delegation to Pakistan and stressed that "Iran cannot have a nuclear weapon."
Earlier, foreign media speculated that Seyed Abbas Araghchi, who was scheduled to visit Pakistan, Oman, and Russia from the 24th, would meet with the U.S. delegation in Pakistan. However, Iran said it had no plans to talk with the U.S., in line with Trump's announcement. Esmail Baghaei Hamaneh, spokesman for Iran's Foreign Ministry, posted on X on the 25th to say that Araghchi had arrived in Pakistan. He also said, "No meeting between Iran and the United States is scheduled, and Iran's position will be conveyed to Pakistan."
pjw@fnnews.com Park Jong-won Reporter