Oil Price Nears $100 as Iran Walks Away From US Talks with New Threats

Oil prices climbed toward $100 a barrel on Monday after Iran suspended all nuclear negotiations with the United States and pledged to close the Strait of Hormuz, reviving fears of a full-blown energy shock.

WTI crude jumped roughly 8% to $96.14, while Brent traded near $100, as Tehran tied any further dialogue to a halt in Israeli operations across Lebanon and Gaza.