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Oil spikes as US Iran talks fail and Hormuz stays shut sparking 3% jumps in Brent and WTI
Economy
Published on 14 May 2026
61 vessels were turned back as prices surged
Oil prices jumped sharply after the US and Iran failed to agree on a peace proposal, leaving the Strait of Hormuz restricted. Brent futures rose about $3.21 to $104.50 per barrel and US WTI climbed roughly $3.06 to $98.48, more than 3% on the day. Traders cited heightened shipping and supply fears, as drone incidents, nuclear tension, and reported naval actions raise the odds of further disruption. Analysts say the next move hinges on diplomacy and whether Hormuz reopens.
- Brent futures climbed $3.21 to $104.50 per barrel
- US WTI futures rose $3.06 to $98.48 per barrel
- Both contracts jumped more than 3% on the day
- US actions included turning back 61 vessels and disabling four
- UN says Iran has over 440 kg enriched to 60 percent
- Drone and tanker incidents are increasing shipping risk in the Gulf
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times