Global oil prices rose on Friday as Brent crude futures climbed back above $80 per barrel. The Swiss Foreign Ministry announced the unexpected cancellation of planned talks between the U.S. and Iran. This development followed U.S. Vice President JD Vance calling off his scheduled trip to Switzerland.
The cancellation casts doubt on a recent interim peace agreement that had allowed oil tankers to resume transit through the Strait of Hormuz. Markets previously expected the negotiations to release more than 85 million barrels of stranded oil. The talks also aimed to lift sanctions on Iranian exports.
Renewed Israeli military action in Lebanon further contributed to the price increase. These events have reintroduced a significant geopolitical risk premium to global energy markets.