Global oil prices jump 5% to above $95 a barrel after Iran reportedly suspends talks with U.S. and fully closes Strait of Hormuz

Iran has reportedly suspended nuclear talks with the U.S. and fully closed the Strait of Hormuz, sending Brent and WTI crude surging 5% to above $95/bbl. This dramatically tightens global supply routes — roughly 20% of seaborne oil transits the strait — creating an acute bid for upstream E&P names and energy ETFs while pressuring refiner margins and transportation-heavy consumers.