Oil prices jumped and equities were mixed Monday as Middle East peace talks stumbled, while Lebanese authorities said Hezbollah had accepted a US proposal for a “mutual cessation of attacks.”
Crude futures shot around seven percent higher after an Iranian state news agency announced Tehran had suspended its negotiations with Washington via mediators.
International benchmark Brent closed 4.2 percent higher while its US counterpart, the West Texas Intermediate, added 5.5 percent.
The United States and Iran had traded strikes over the weekend and Tehran insisted that any deal to end the war must cover Israel’s escalating offensive into Lebanon.
The Tasnim news agency report cited the breakdown of the ceasefire and clashes in Lebanon as the reasons for the halt in dialogue.
“Hopes of further progress in US-Iran talks have been dashed,” said Chris Beauchamp, chief market analyst at online trading and investing platform IG.
“This has duly resulted in
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