Global oil prices surged sharply on Monday after Iran suspended indirect negotiations with the United States (US) via mediators, triggering fresh concerns over supply disruptions from the Middle East and escalating geopolitical tensions.

Crude futures jumped around 6–7 per cent, with Brent crude climbing close to the USD 95–97 per barrel range in early trade, as markets reacted to reports that Tehran had halted dialogue over Israel’s expanding military operations in Lebanon.