Oil prices spike on Gulf tensions

Brent crude oil prices have surged sharply to $95.30 per barrel, driven by heightened tensions in the Persian Gulf. The spike follows news of the expected cancellation of US-Iran peace talks and the recent U.S. seizure of an Iranian cargo ship attempting to run the blockade. The strategic Strait of Hormuz remains a critical flashpoint, with Iran warning that security for the waterway is not free and must be linked to its access to oil markets.