Ships and tankers within the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026.
Stringer | Reuters
Oil costs jumped about 2% Sunday, after plans for a second spherical of peace negotiations between the U.S. and Iran unraveled once more.
Iran’s Revolutionary Guard additionally reportedly boarded two cargo ships close to the Strait of Hormuz as tensions within the strategic sea lane stay excessive.
Worldwide benchmark Brent oil futures rose extra 2% to $107.89 per barrel by 6:27 p.m. ET. U.S. crude oil additionally jumped greater than 2% to $96.63.
President Donald Trump on Saturday cancelled plans to ship U.S. envoy Steve Witkoff and Jared Kushner to Islamabad, Pakistan for negotiations with Iran.
“An excessive amount of time wasted on touring, an excessive amount of work! In addition to which, there may be super infighting and confusion inside their ‘management,'” Trump wrote in a submit on Fact Social.
“No person is aware of who’s in cost, together with them,” the president mentioned. “Additionally, now we have all of the playing cards; they’ve none! In the event that they wish to speak, all they should do is name!!!”
Iranian International Minister Abbas Araghchi travelled to Islamabad over the weekend however met solely with Pakistani officers earlier than leaving.
“No assembly is deliberate to happen between Iran and the U.S.,” Iran’s International Ministry spokesperson Esmaeil Baqaei mentioned in a social media submit late Friday.
CNBC’s Sarah Whitten, Azhar Sukri and Kevin Breuninger contributed to this report.
