Oil prices jump as Strait of Hormuz stays closed and ceasefire talks stall

Iran kept the Strait of Hormuz closed, sending Brent above $105 per barrel and lifting WTI to about $96.73 as ceasefire talks between Israel, the United States and Iran stalled. Brent briefly jumped past $105 before settling near $103, marking more than a 15% rise since the temporary ceasefire two weeks ago. Traders warned that the Strait handles about 20% of global seaborne oil flows and that prolonged closure could raise fuel costs and increase market volatility.