WANA (Jun 19) – The cancellation of the planned talks between Iran and the United States and the Iranian negotiating team’s decision not to travel to Geneva triggered a fresh rally in global oil markets, pushing Brent crude back above the $80-per-barrel mark.

 

The oil market resumed its upward trend after the Iranian delegation announced on Thursday night that it would not attend Friday’s negotiations in Switzerland due to the continued attacks on Lebanon. Hours later, Switzerland’s Foreign Ministry confirmed that the talks had been canceled.

 

Following these developments, Brent crude rose to $80.15 per barrel, while U.S. crude traded above $77 per barrel.

 

Market analysts say rising geopolitical tensions and uncertainty over the future of the negotiations are the main factors driving today’s increase in oil prices.