Brent oil prices briefly top $108 per barrel after Iran peace talks unravel

brent oil briefly hit $108.50 a barrel monday morning after plans for a second round of us-iran peace talks fell apart again. by 7:07 a.m. et, june brent futures had pared gains to $106.73, up 1.3%. us west texas intermediate june futures added 1% to $95.34. "attempts to get us-iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the strait of hormuz anytime soon," said warren patterson, head of commodities strategy at ing. "the lack of progress means the market is tightening every day." trump canceled plans to send envoy steve witkoff and jared kushner to islamabad for negotiations saturday, citing "tremendous infighting and confusion" in iran's leadership. iranian foreign minister abbas araghchi was in islamabad over the weekend but only met with pakistani officials. iran's foreign ministry said no us-iran meeting is planned. iran has offered a new proposal to reopen the strait and defer nuclear talks, per axios.