The international oil prices surged on Sunday amid growing uncertainty around the ongoing talks between the United States and Iran, which started on the day at the Buergenstock mountain resort in central Switzerland.
As of 18:30 Eastern Time on Sunday, the West Texas Intermediate for August delivery surged 3.02 percent to reach a peak of 78.14 U.S. dollars per barrel on the New York Mercantile Exchange. Brent crude for August delivery increased by 2.15 percent to hit a high of 82.30 U.S. dollars per barrel.
The talks mark the first round between the two sides after the signing of a memorandum of understanding (MoU) aimed at ending conflict on all fronts, including Lebanon.
The two sides discussed mechanisms to help ensure the Strait of Hormuz remains open, enforce the fragile ceasefire in southern Lebanon and address "all elements of the nuclear deal" in an effort to establish a starting point for technical negotiations.
The Iranian delegation on Sunday suspended the talks with U.S. in protest against threatening remarks made by U.S. President Donald Trump on the day.
Trump threatened on the day on his Truth Social platform to "hit Iran very hard again" if the country does not stop Hezbollah from "causing trouble".
Crude futures surge amid growing uncertainty around U.S.-Iran talks in Switzerland
