<div id="readability-page-1"><div> (RTTNews) - Rebounding from the losses made in the previous session, crude oil prices have soared on Monday after the proposed U.S.-Iran negotiations were called off by the U.S. while supply disruption concerns continue. WTI Crude Oil for June month delivery was last seen trading up by $2.32 (or 2.46%) at $96.72 per barrel. The U.S.-Iran war that started on February 28 is set to complete two months with no end to the conflict showing up. Earlier last week, U.S. President Donald Trump agreed to indefinitely extend an earlier announced two-week ceasefire. After the first round of negotiations that took place on April 11-12 between the U.S. and Iran in Islamabad, Pakistan, to end the war failed, persuaded by Pakistan, Trump agreed to send his emissaries for a second round. Expectations of a possible solution to the crisis ran high after Iran's Foreign Minister Abbas Araghchi also confirmed visiting Pakistan last Friday. On Friday, the White House informed that U.S. envoy Steve Witkoff and Trump's son-in-law Jared Kushner would be leading the U.S. team. In a sudden move on Saturday, Trump announced cancelling the trip by the U.S. team. Trump asserted that the U.S. has &#34;all the cards while Iran has none&#34; and there was no need for the U.S. to spend time and cost travelling all the way to Pakistan. Trump stated that Iran can convey its plans through phone calls. Trump also mentioned that after he called off the trip, the U.S. has received &#34;a better proposal&#34; from Iran, according to Bloomberg. Investor expectations of an end to the crisis diminished after diplomatic efforts fell apart. The primary cause for the U.S. to engage in a war with Iran was Iran stockpiling highly enriched Uranium, which the U.S. claims could be used for building nuclear weapons. According to Axios, Iran has offered a new plan wherein it wants the U.S. to lift the naval blockade enforced on its ports in exchange for reopening the Strait of Hormuz and a guarantee that the U.S. would not resume attacks. Iran also agreed to discuss the contentious issue of Iran's nuclear programs at a later stage. U.S. Secretary of State Marco Rubio stated that Iran is serious about reaching a deal with the U.S. However, officially, the U.S. is yet to respond to Iran's offer. In a post via X, the United States Central Command announced that the U.S. military remains &#34;focused and ready&#34; in the Middle East. With peace talks in limbo and the Strait of Hormuz continuing to remain closed, crude oil prices saw further upside. Vessel traffic through the critical chokepoint is now only at a fraction of around 140 daily passages before the start of war, compounding the risk premium to crude oil markets. Trump has already stated that the squeeze on Iranian oil exports now exerted by the U.S. actually strengthens the U.S. oil trade. Israel's Prime Minister Benjamin Netanyahu ordered &#34;vigorous attacks&#34; on Hezbollah targets in Lebanon, precipitating the ongoing gulf crisis. Last week, Israel and Lebanon had agreed to extend a previously planned ceasefire for three weeks. With traders holding risky moves, economists have wrapped up expectations of any near-term rate cut ahead of the next monetary policy meeting of the U.S. Federal Reserve, scheduled for April 28-29. In a weekly note, the Investment Banking and Financial major Goldman Sachs warned of &#34;demand destruction&#34; for crude oil as a consequence of supply tightening and predicted a &#34;demand decline&#34; by 1.70 million barrels per day over this current quarter and by around 100,000 barrels daily over 2026 as against 2025. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

Crude oil prices surged by 2.46% to $96.72 per barrel following the cancellation of U.S.-Iran peace talks amid ongoing supply concerns. The U.S.-Iran conflict, now two months old, saw hopes for resolution dashed after President Trump called off a diplomatic mission. Despite Iran's proposal for negotiations, the U.S. remains unresponsive. The situation has led to increased risks in oil markets, particularly with the Strait of Hormuz's vessel traffic significantly reduced. Goldman Sachs warned of potential demand decline for crude oil due to tightening supply.

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Crude Oil Surges Amid Delayed U.S.-Iran Peace Talks, Increasing Supply Concerns