Oil Prices Could Surge As Talks Fail

Taking to the social media platform X on Sunday, Schiff expressed concern over the situation in the Middle East. “The talks designed to open the Strait of Hormuz will result in the strait being closed tighter than ever,” he said. The investor then shared Trump’s announcement to block ships attempting to pass through the strait. “Get ready for $150 oil,” he said.

There has been a surge in oil prices since the talks in Islamabad failed, with West Texas Intermediate (WTI) crude surged 8.49% to $104.78/barrel at the time of writing this article, while Brent crude rose to $102.25 per barrel, illustrating a 7.41% change.

U.S.-Iran Talks

The news comes as talks between the U.S. and Iran in Pakistan’s capital fell through, with Vice President JD Vance announcing that the U.S. did not back down from its core demands in the negotiations, including a demand that Iran not pursue nuclear weapons.

Pope Leo XIV also slammed the ongoing situation in the region, issuing a warning to the warring sides and saying that true believers of Jesus Christ were “never on the side of those who once wielded the sword and today drop bombs.”

Trump Slammed By Lawmakers

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Image via Shutterstock/ Joshua Sukoff