Oil Prices Skyrocket as U.S.-Iran Talks Stall

0:00It's April 27th. U.S. News Today starts now, AI powered and always on. Oil prices climbed almost 2% on Monday, hitting highs not seen since early April, all because U.S. Iran peace talks hit a wall in shipments. Through the straight-of-horn moves, stayed super tight. Brent Crude jumped $2.16 to $107.49 a barrel, while West Texas Intermediate rose $1.77 to $96.17. Last week alone, those benchmarks surged nearly 17 percent and 13 percent. The biggest weekly jumps since the war kicked off. Tensions spiked over the weekend, when President Trump pulled his envoys from a trip to Islamabad, right as Iran's foreign minister showed up there. Analysts say this leaves a rand scrambling, with storage filling up fast at their old oil fields, possibly forcing shutdown soon. The straight is mostly shut down by Iran, paired with a U.S. blockade on their ports. Getting data shows just one oil tanker slipped into the Gulf on Sunday.

1:03Goldman Sachs bumped up their fourth quarter forecasts to $90 for Brent, and $83 for West Texas Intermediate, blaming. Cutbacks in Middle East production. With oil this high, economic pressures are mounting from shortages in sky high refined product costs, keeping everyone on edge as supplies stay, squeezed, and are outmosed.