Brent Crude Surges Above $108 After Iran Talks Collapse
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- Brent rose more than 3% to $108.90 per barrel by 11:20 a.m. ET on Monday.
- West Texas Intermediate climbed nearly 3% to $97.10 per barrel in the same session.
- ING warned that the breakdown of U.S.-Iran talks is tightening markets, forcing oil to reprice higher.
- Goldman Sachs lifted its Q4 Brent price forecast to $90 per barrel, up from $80.
- Iran offered a new proposal to reopen the Strait of Hormuz and defer nuclear negotiations, according to Axios.
- Donald Trump canceled a planned envoy trip to Islamabad, citing infighting and a lack of leadership in Iran.
Why it matters: Oil traders gain as Brent jumps $108, while airlines and shipping firms lose from higher fuel costs; the $3‑plus surge pressures consumer prices and tightens global supply chains.
