Energy prices surge as US-Iran ceasefire doubts rattle markets
Oil and gas jump amid fears US-Israel conflict could trigger fresh supply disruptions
ISTANBUL, Türkiye (MNTV) — Global energy markets surged again as uncertainty surrounding a fragile ceasefire between the United States and Iran — driven by Washington’s confrontational posture alongside Israel — reignited fears of major supply disruptions.
Brent crude rose to around $98.5 per barrel, while US benchmark West Texas Intermediate approached $89.6, reflecting renewed volatility after brief stabilization in recent days.
European natural gas prices also climbed sharply, with TTF futures rising more than 8% to approximately €43.7 ($51.3) per megawatt-hour.
The spike follows growing skepticism over whether diplomacy can prevent further escalation. The two-week ceasefire, set to expire Wednesday evening Washington time, is increasingly seen as unlikely to be extended amid mounting tensions.
US President Donald Trump accused Iran of violating the truce “numerous times” and indicated that an extension was “highly unlikely,” further undermining already fragile negotiations.
Additional uncertainty emerged after a planned US delegation visit to Pakistan for a second round of direct talks with Iran was abruptly delayed.
The postponement, attributed to “additional policy meetings” in Washington, reflects internal disarray within the US administration at a critical diplomatic moment.
Vice President JD Vance, who was expected to travel to Islamabad, remained in Washington to attend White House discussions, according to US officials.
No revised timeline for the talks has been announced, deepening doubts about Washington’s commitment to de-escalation.
Pakistan confirmed that Iran has yet to formally respond regarding participation in the proposed negotiations, leaving the future of talks in limbo.
An earlier round of face-to-face discussions between the two sides this month ended without any agreement, highlighting the limited progress achieved so far.
Markets remain highly sensitive to developments surrounding the Strait of Hormuz — a vital artery for global oil and fuel shipments — where tensions have already disrupted normal flows. Each sign of diplomatic breakdown has amplified concerns over tighter supplies and further price shocks.
Prices had briefly declined last week, stabilizing between $90 and $95 for oil and around €38 for gas, after the United States and Iran announced the reopening of the Strait of Hormuz.
However, that relief proved short-lived as renewed geopolitical strain — largely tied to US-Israel military actions — quickly reversed the trend.
Analysts warn that continued instability, fueled by Washington’s aggressive policies and alignment with Israel, risks prolonging market volatility and placing additional strain on global economies already grappling with rising energy costs.
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