Oil jumps 7% to above $100 ahead of US blockade on Iran - Reuters

Oil prices surged back above $100 per barrel after diplomatic talks between the United States and Iran concluded without a resolution. The stalemate in negotiations means that the prospect of increased Iranian oil supply returning to global markets remains uncertain. This lack of progress contributes to ongoing tightness in the global oil supply, pushing prices higher. The Trump administration has maintained sanctions on Iran, limiting its oil exports, and any easing of these sanctions would significantly impact crude supply. The continued high oil prices could affect global economic stability and consumer costs.