Oil prices surge as US Iran talks deadlock
The US and Iran’s peace talks have stalled, causing oil prices to rise. Brent oil futures quickly rose 2.8% to $104.06 a barrel, while US crude gained 2.7% to $97.97 a barrel.
The dollar has benefited as a store of liquidity during risk events, edging up 0.2% on the Japanese yen, while the euro dipped 0.2% to $1.1760.
The conflict in the Middle East is now entering its 11th week, with energy prices surging but remaining at levels that are headwinds rather than expansion-ending obstacles.