WTI crude oil futures jumped over 2% to $96.5 per barrel on Monday as stalled efforts to restart peace talks over the Iran conflict kept the Strait of Hormuz nearly closed, extending supply disruptions that have shaken global markets. Reports indicate Tehran has proposed reopening the strait through US talks, though tensions remain high. Over the weekend President Trump canceled a planned visit by key envoys to Pakistan, which is mediating discussions, while Iran insisted it will not negotiate under pressure. A ceasefire has largely held since early April, yet mutual shipping blockades have reduced traffic through the strait to almost zero. Trump is set to meet his national security team to address the deadlock. The conflict, now in its ninth week, has pushed energy prices higher and caused shortages in key markets, with the International Energy Agency warning of an unprecedented supply shock and rising risks of demand slowdown.
