Oil Prices Surge Again Amid Stalled US-Iran Peace Negotiations

Oil Prices Surge: Global oil and jet fuel prices have spiked since February due to ongoing tensions and failed peace talks between the U.S. and Iran, with Brent and West Texas Intermediate crude jumping over 6% in early trading.

U.S.-Iran Tensions: President Trump announced that U.S. Navy actions against Iranian vessels would continue, following Iran's refusal to participate in further negotiations, which they attributed to excessive demands from Washington.

Impact on Energy Costs: Rising oil prices have led to increased costs for airlines, resulting in flight cancellations and higher customer fees, while the national average price for gasoline in the U.S. surpassed $4 per gallon for the first time since August 2022.

Negotiation Breakdown: Despite initial optimism for a peace deal, negotiations between the U.S. and Iran have stalled, with Iran citing ongoing naval blockades and unrealistic expectations as reasons for their withdrawal from talks.