Brent crude rose 2.5% to $101.58 per barrel and WTI up 2.1% to $96.40 amid Hormuz closure.
US‑Iran diplomatic talks stalled after President Trump canceled the planned meeting, leaving the Strait of Hormuz effectively shut.
Treasury Secretary Scott Bessent confirmed the U.S. will not renew the waiver for purchasing Russian and Iranian oil at sea.
Shell announced a $16.4 billion acquisition of ARC Resources, aiming to raise its production CAGR to 4% by 2025, but shares fell.