The price of oil rose sharply after Iran reportedly cut off talks with the United States to the war. Crude oil jumped to levels not seen since mid-May.

Oil prices and stock markets worldwide swung through a shaky Monday with uncertainty about what will happen with the Iran war. The S&P 500 swiveled between gains

Oil markets jolted higher Monday after Iran threatened to shut the Strait of Hormuz amid escalating tensions in the Middle East. West Texas Intermediate crude surged 7% to about $94 a barrel and Brent climbed 6% to roughly $97,

The fresh strikes from the U.S., and the warning Iran issued in return, have brought renewed instability to the markets.

U.S. Central Command said Tuesday that it had defeated multiple Iranian ballistic missiles following "attempted attacks" by Iran.

Talks with Iran were “continuing, at a rapid pace,” and Israel and Hezbollah have agreed to stop attacking each other in Lebanon, President Trump said in a post on Truth Social.

HONG KONG (AP) — Asian stocks mostly retreated and oil prices jumped on Monday after U.S. President Donald Trump warned Tehran that the “clock is ticking” as U.S.-Iran negotiations over a permanent end to the war stall. U.S. futures fell more than 0.6%.

Regional tensions rise as Iran vows to resist the U.S. blockade and asserts control over the Strait of Hormuz, while Netanyahu signals military action against Hezbollah in Beirut.