Brent crude climbed over 2% on Friday following the collapse of a second round of peace talks between the United States and Iran, originally scheduled to take place in Pakistan.
Market analysts attributed the price surge to heightened geopolitical tensions, as the failure to resume dialogue threatens stability in the oil-rich Middle East region.
The development marks a setback for diplomatic efforts aimed at de-escalating long-standing hostilities, with traders now pricing in a greater risk premium on crude supplies.