Brent oil tops $107 per barrel after Iran peace talks stall

Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026. Oil prices jumped about 2% Sunday after plans for a second round of peace negotiations between the U.S. and Iran unraveled again. Iran's Revolutionary Guard reportedly boarded two cargo ships near the Strait of Hormuz as tensions remain high. International benchmark Brent oil futures rose more than 2% to $107.89 per barrel by 6:27 p.m. ET. U.S. crude oil also jumped more than 2% to $96.63.

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