Oil Prices Jump Above $100 After US-Iran Talks Fail

AI Summary

Oil prices increased significantly as energy markets reopened on Monday, with Brent crude rising by 8.5% to $102.37 and West Texas Intermediate climbing 9% to $105.34. The talks between the US and Iran ended without a new deal, causing concerns of a worsening global energy crisis. These developments come after oil prices had previously fallen below $100 due to a conditional two-week ceasefire agreement. The failure of negotiations could impact global supply and prices as tensions escalate.