Oil prices surged to $110.64 per barrel for Brent crude, marking a three-week high as diplomatic efforts between the US and Iran stalled. The energy markets reacted to uncertainty surrounding potential talks that could unlock supplies through the Strait of Hormuz. West Texas Intermediate gained 2.2% to $98.47 per barrel, reflecting growing concerns about supply constraints.

The White House confirmed discussions of Iran's latest proposal while maintaining red lines on preventing Tehran's nuclear advancement. Secretary of State Marco Rubio raised questions about Iran's offer, emphasizing the nuclear program remains the core issue. Trump convened national security officials to review the proposal, with the president expected to address the matter very soon.

This price spike represents a dramatic reversal from just two weeks ago when Brent fell to $86.09 following Trump's ceasefire announcement. The renewed tensions highlight how geopolitical instability continues to impact global energy markets. Oil traders now face uncertainty as diplomatic efforts between Washington and Tehran remain at an impasse with no immediate resolution in sight.