Oil prices jump on report that plans for U.S.-Iran nuclear talks are collapsing

Core Viewpoint - Crude oil prices increased approximately 3% following reports of a potential collapse in planned talks between the U.S. and Iran regarding nuclear negotiations [1][2]. Group 1: Oil Price Movement - U.S. crude oil rose by $1.80, or 2.9%, reaching $65.01 per barrel [1] - Global benchmark Brent increased by $1.88, or 2.8%, to $69.21 per barrel [1]. Group 2: Negotiation Details - The U.S. and Iran had initially agreed to meet in Istanbul with other Middle Eastern countries as observers, but Iran proposed a change to a bilateral meeting in Oman, which the U.S. ultimately rejected [2]. - The breakdown in talks follows recent military tensions, including the U.S. shooting down an Iranian drone and Iranian gunboats attempting to board a U.S. merchant vessel [3]. Group 3: Potential for Future Talks - There remains a possibility for talks to occur this week or next if Iran agrees to the original meeting format in Istanbul [3].