Oil prices surge nearly 8% as Israel's Lebanon offensive puts the U.S.-Iran ceasefire at risk

Iran said it will halt nuclear talks with the U.S. and block the key shipping chokepoint until Israel withdraws from Lebanon

JALAA MAREY / Getty Images

Oil prices surged Monday after Iranian state media said Tehran would halt nuclear negotiations with the United States and close the Strait of Hormuz in response to Israeli military operations in Lebanon.

By mid-morning, CNBC reported that WTI futures had gained 7.8% to reach $94.20 per barrel, while Brent crude — the international benchmark — was up 6.7% at $97.23. The moves came after Iran's state-affiliated Tasnim news agency said Iranian negotiators would not........

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