Oil prices have seen a significant increase as tensions in the Strait of Hormuz rise following stalled peace talks between the US and Iran. Brent crude topped $107 per barrel as Iran accused the US of undermining trust, resulting in a closure of the strategic waterway. The conflict has led to fears of supply disruptions, pushing oil prices to levels not seen since the beginning of the hostilities. Analysts warn of potential shortages and urge caution in energy markets as the situation remains volatile, affecting both oil and stock markets. Traders are bracing for further turmoil as the prospect of continued conflict looms.