Crude oil prices climb 2% as Donald Trump issues new threat amid US-Iran peace talks; Brent reaches $82 per barrel

Crude oil prices surged up to 2.2% on Monday after US President Donald Trump warned of possible military action against Iran if Hezbollah continues attacks on Israel, raising doubts over ongoing US-Iran peace negotiations in Switzerland. Brent crude climbed to $82.30 per barrel while West Texas Intermediate rose above $78. The spike comes despite a 60-day negotiation period initiated after Trump signed a memorandum of understanding last week, with Iran also claiming to have shut the Strait of Hormuz although oil shipments reportedly continued largely uninterrupted.