Brent crude prices are surging, nearing $100 per barrel, while European gas prices have jumped nearly 10% to above $515 per thousand cubic meters, amid signs of a likely breakdown in talks between Iran and the United States, according to trading data.
As of 22:15 GMT, the price of Brent crude futures was up 6.3%, exceeding $96 per barrel.
According to data from the London-based ICE exchange, European gas prices are rising almost 10%, exceeding $515 per thousand cubic meters.
May futures on the TTF index (Europe’s largest hub, located in the Netherlands) were trading at $518 per thousand cubic meters as of 21:59 GMT, up 9.6% from the previous trading day’s settlement price of $472.7 per thousand cubic meters.
On Sunday, US President Donald Trump announced that his representatives were heading to Islamabad for talks on Iran. US Ambassador to the UN Mike Waltz claimed that US-Iran talks would resume within the next 24 hours. IRNA later reported that Iran had refused to participate in a second round of talks with the US.
Additionally, on Monday night, the US Central Command (CENTCOM) confirmed the seizure of an Iranian merchant vessel attempting to break the US blockade in the Gulf of Oman.
