Oil prices jumped and equities struggled on Monday as Middle East peace talks stumbled and tensions mounted between Iran and the United States.Crude futures shot around seven percent higher after an Iranian news agency announced Tehran had suspended the negotiations with Washington via mediators.The United States and Iran had traded strikes over the weekend and Tehran had insisted that any deal to end the war must cover Israel's escalating offensive into Lebanon.

Oil prices jumped and equities struggled on Monday as Middle East peace talks stumbled and tensions mounted between Iran and the United States.Crude futures shot around seven…

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.