US-Iran Negotiations Stall; Oil Prices Climb Above $107 per Barrel

Oil prices surged on Sunday following the breakdown of planned US-Iran peace negotiations in Pakistan. Brent crude futures climbed more than 2% to $107.89 per barrel, while US crude rose over 2% to $96.63. The increases came after Iran's Revolutionary Guard reportedly boarded two cargo ships near the Strait of Hormuz.

President Donald Trump announced the cancellation of a US delegation to Islamabad on Saturday. The group was to include US envoy Steve Witkoff and Jared Kushner for talks with Iran. Trump cited infighting within Iranian leadership and wasted time as reasons for the decision.

and Statements Iranian Foreign Minister

Abbas Araghchi traveled to Islamabad over the weekend but met only with Pakistani officials. He then departed for Moscow, according to Iran's Ministry of Foreign Affairs. No direct US-Iran meeting occurred, as confirmed by Iran's Foreign Ministry spokesperson Esmaeil Baqaei.

>"No meeting is planned to take place between Iran and the U.S.," — Esmaeil Baqaei, Iran's Foreign Ministry spokesperson, Friday (Cnbc). Trump stated in a Truth Social post that Iran could initiate contact if desired, emphasizing US leverage. Pakistani officials worked to salvage the talks, but Araghchi's departure signaled ongoing challenges.

The stalled talks follow reports of a Chinese-linked cargo ship attempting to breach a US blockade of Iran. Trump expressed surprise at the incident, highlighting concerns over potential Chinese military support for Iran ahead of a summit. Separately, US diplomatic efforts with Cuba advanced with a senior State Department delegation visiting Havana on April 10.

Discussions covered prisoner releases, economic reforms, internet connectivity, property claims, and political freedoms. Cuban officials described the meetings as professional and respectful, with no deadlines or threats exchanged.