{"id":546,"date":"2026-06-01T15:45:58","date_gmt":"2026-06-01T15:45:58","guid":{"rendered":"https:\/\/trustedmovinggroups.com\/?p=546"},"modified":"2026-06-01T15:45:58","modified_gmt":"2026-06-01T15:45:58","slug":"oil-prices-jump-after-us-iran-talks-reportedly-collapse-erasing-recent-declines","status":"publish","type":"post","link":"https:\/\/trustedmovinggroups.com\/?p=546","title":{"rendered":"Oil prices jump after US-Iran talks reportedly collapse, erasing recent declines"},"content":{"rendered":"
\n

The price of oil rose sharply on Monday, after Iranian government-aligned media reported that the country was cutting off talks with the United States to end the ongoing war.<\/p>\n

Read more How much does it cost to go to a World Cup game? We did the math<\/a><\/p>\n

U.S. crude oil soared as much as 8.5% to nearly $95 per barrel, an increase of almost $8. International Brent crude climbed as much as 7.3% to more than $97 per barrel, a $6 spike.<\/p>\n

<\/div>\n

Heating oil, a proxy for jet fuel, also rose 7%, while wholesale gas prices rose 4%. <\/p>\n

As a result of of the most recent decline in oil prices, the cost of retail gasoline was down $0.24 Monday from this year\u2019s peak. Still, gas prices remain higher by 44% on average, than they were before the war.<\/p>\n

Government bond yields, which heavily influence consumer borrowing rates, also jumped alongside energy prices. <\/p>\n

The 10-year U.S. government Treasury yield rose from 4.4% to 4.51%. The 30-year Treasury yield increased from 4.97% to 5.02%. <\/p>\n

<\/div>\n

Shorter term bonds, such as the two and five year Treasuries rose even more sharply.<\/p>\n

Monday\u2019s market moves essentially put oil prices back to levels from mid-May, before it saw two weeks of declines as administration officials continued to suggest that some kind of deal with Iran to end the war was within reach.<\/p>\n

Now, as the war enters its fourth month, Tehran is reportedly suspending talks and \u201cthe exchange of texts through mediators\u201d to protest Israel\u2019s expanding offensive in Lebanon. <\/p>\n

Iran also said it was \u201cdetermined to consider the complete closure of the Strait of Hormuz and the activation of other fronts including the Bab el Mandeb Strait,\u201d a critical commercial waterway off the coast of Yemen.<\/p>\n

Read more Powell warns that politicizing the Federal Reserve would cost public trust<\/a><\/p>\n

Investors on edge<\/h2>\n

\u201cThe (largely) closed Strait of Hormuz remains the focus for commodity market observers,\u201d said HSBC strategists in a note on Monday morning. <\/p>\n

\u201cCommodity markets have, so far, absorbed the shock better than some of the worst-case scenarios, reflecting high inventories before the conflict and rapid shifts to redirect commodity trade,\u201d they added. <\/p>\n

<\/div>\n

\u201cHowever, the longer the Strait of Hormuz remains closed, the more stocks will be run down and at some point they may reach critical functional lows, which could see sharper (non-linear) price rises and genuine shortages.\u201d<\/p>\n

For most of May, daily ship traffic through the Strait of Hormuz remained the single digits, according to data from S&P Global Market Intelligence.<\/p>\n

U.S. stocks also fell slightly on Monday after the latest headlines about the Iran war, but their declines were cushioned by renewed momentum in AI stocks, following a series of product announcements from Nvidia overnight.<\/p>\n

However, the Russell 2000 index, which tracks smaller companies and whose largest constituent is worth only $70 billion, fell 1% in morning trading. <\/p>\n

The disparity between more mainstream indexes, such as the S&P 500 and Nasdaq Composite, and the Russell 2000 illustrates the bifurcation in markets between the indexes that are buoyed by large, AI-fueled companies and those that aren\u2019t. <\/p>\n

Internationally, stocks saw more significant widespread selling Monday, with benchmark indexes in France, the U.K. and Italy falling around 1%. The pan-European Stoxx 600 fell 1.1%. <\/p>\n

Read more \u2018Destroyed beyond recognition\u2019: Dozens dead after explosives detonate in Myanmar rebel town<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of oil rose sharply after Iran reportedly cut off talks with the United States to the war. 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