Stalled US-Iran negotiations lift WTI and Brent crude prices above $97 and $103, respectively, amid geopolitical uncertainty.
Oil prices surged as US-Iran talks hit another snag, with WTI crude rising 2.5% to $97.80 and Brent crude climbing 2.5% to $103.80. Iran’s foreign ministry called its proposal “not excessive,” while the US labeled Iran’s demands “unreasonable.” President Trump rejected the proposal outright, escalating tensions ahead of his Beijing visit this week.
US futures remained subdued, with S&P 500 futures down just 0.1%, despite the geopolitical setback. The US 10-year yield edged up 2.6 bps to 4.39%, while the USD strengthened slightly, pushing USD/JPY above 157.00. European equities declined, with France’s benchmark index falling 1%.
Gold and Bitcoin retreated, down 0.9% to $4,671 and 1.2% to $81,166, respectively, as investors weighed risk assets amid the uncertainty.