Oil Prices Soar as US-Iran Talks Hit a Roadblock

The stalemate in negotiations between the US and Iran over a peace agreement and the reopening of the Strait of Hormuz has led to a sharp increase in oil prices. Brent crude reached its highest level since July 31. The market's attention is now focused on the US inflation data to be announced on Wednesday.The sudden surge in oil prices has increased concerns in global markets. The rise in energy prices has led to a cautious atmosphere in Asian markets, while increasing global inflationary pressure concerns.Following the developments, Brent crude futures contracts rose to $88 per barrel, while US West Texas-type (WTI) oil reached $82.45, its highest level since July 31. Both types of crude oil gained around 5% on Monday, reaching the highest level in the last week.