Brent crude rose 1.7% to $111.13, while US-traded oil climbed 2.1% to reach $107.62 per barrel.
Government borrowing costs in the US, Japan, and Europe also surged as global inflation fears intensified.
Energy markets remain volatile following Iran’s closure of the strategic Strait of Hormuz shipping route.
“They better get moving, FAST,” Trump posted on social media, emphasizing that time is of the essence.
Iranian media stated that Washington failed to offer concessions, creating a negotiation impasse between the nations.
Meanwhile, rising bond yields indicate that investors increasingly expect central banks to hike interest rates soon.
Higher energy costs continue to pressure businesses, leaving the global economic outlook highly unpredictable for summer.
