Trump's talks with Iran lead to oil price drop, easing geopolitical tensions and pausing US military actions.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

Trump's talks with Iran lead to oil price drop, easing geopolitical tensions and pausing US military actions.

Iran said it will halt nuclear talks with the U.S. and block the key shipping chokepoint until Israel withdraws from Lebanon

By Isabel Wang and Myra P. Saefong

The fighting in the Middle East dimmed hopes that the U.S. and Iran could soon announce an extension to their ceasefire.

Oil prices surged after US strikes on Iran and stalled diplomacy, fueling fears of escalating Middle East tensions and potential Strait of Hormuz blockade.

Oil prices retreated around 4% from Monday’s highs as markets responded positively to US President Donald Trump’s reassuring comments that negotiations with Iran are progressing.

Prices could hit $150 a barrel if truce falters and Strait of Hormuz remains closed, analysts say

0735 GMT - Oil prices climb 2% as hostilities in the Middle East escalated after the U.S. and Iran exchanged heavy fire. Meanwhile, diplomatic efforts to reopen the Strait of…