The Cradle: ❗️Global oil prices surge past six percent as Iran reportedly suspends talks with US...

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❗️Global oil prices surge past six percent as Iran reportedly suspends talks with US

Global oil benchmarks spiked by more than six percent today after Tehran announced the total suspension of all diplomatic exchanges with Washington after Israeli threats to bomb Beirut's southern suburb, triggering panic across global energy markets over severe disruptions to West Asia supply lines.

By late afternoon, Brent North Sea Crude for August delivery surged 6.2 percent to trade at $96.80 a barrel, while West Texas Intermediate (WTI) for July delivery jumped over 7 percent to hit $93.60. The massive price hike reflects growing anxiety that the direct confrontation between Washington and Tehran is escalating into an uncontrollable regional war, threatening to permanently destabilize global shipping lanes and critical energy infrastructure.

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