U.S.-Iran Talks Collapse, Oil Prices Rise 2% Amid Strait of Hormuz Closure Threats

Published: Jun 22, 2026 10:11

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U.S.-Iran negotiations in Switzerland collapsed, causing oil prices to jump 2%. The trigger was that last Sunday’s U.S.-Iran talks in Switzerland lasted only 1.5 hours before being suspended — during the negotiations, Trump issued a threat of "more forceful strikes," prompting the Iranian delegation to walk out and protest on the spot. Iran has announced the closure of the Strait of Hormuz, and the U.S. side has threatened to "take over the shipping lanes," sharply escalating geopolitical risks in the Middle East.

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