Iran news LIVE updates: Oil surges past $105 per barrel as US-Iran talks stalemate adds to uncertainty
Oil prices surged past $105.50 a barrel as US-Iran peace talks ended in a deadlock and the closure of the Strait of Hormuz disrupted oil flow. Iran took a dig at US President Donald Trump after he called India and China 'hellhole'.
Oil prices rose 0.4% to over $105.50 a barrel after gaining as much as 1.9% earlier in the day. The surge is attributed to the deadlock in US-Iran peace talks and the disruption of oil flow due to the closure of the Strait of Hormuz. The commodity is set for its biggest weekly gain since the start of the war. Iran's embassy in Hyderabad criticized US President Donald Trump for calling India and China 'hellhole'. The Iranian embassy stated that China and India are cradles of civilization. The US and Iran have been engaged in tense negotiations, with the EU foreign chief suggesting that talks should include nuclear experts.
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