- Iranian state media reported a total suspension of diplomatic channels with Washington in response to military operations in Lebanon and Gaza
- The Strait of Hormuz is effectively closed to commercial shipping with only four vessels transiting compared to the normal daily average of ninety-five
- Brent crude futures jumped over six percent to reach ninety-seven dollars per barrel while West Texas Intermediate rose nearly eight percent
- Analysts from Goldman Sachs warned that persistent supply disruptions could push prices toward ninety dollars for the fourth quarter of twenty-six
- The International Energy Agency characterized the current situation as the largest supply disruption in the history of the global oil market
Brent crude oil prices surge as Iran halts negotiations and blocks Strait of Hormuz
Jun 1, 2026, 3:12:32 PM UTC(1 day ago)
Impact: Very High
Affected Assets
Sources
From:@WatcherGuru
JUST IN: Brent crude oil surges 5% back above $100 after Iran ends negotiations with the US and vows to block the Strait of Hormuz. https://t.co/UNLeyffh6a
