Oil prices jumped more than 4% on Monday. The United States rejected Iran’s response to a peace proposal, reducing hopes for a near-term resolution.
Brent crude climbed to over $105 a barrel. U.S. West Texas Intermediate crude rose to nearly $100 a barrel.
The critical Strait of Hormuz waterway remains largely shut. This disruption has introduced significant market volatility and upended supply expectations. The failed agreement directly impacts the earnings outlook for oil and gas producers.