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 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.