Global crude oil prices recorded a sharp increase after the cancellation of scheduled negotiations between the United States and Iran in Switzerland, sparking renewed concerns over geopolitical instability. The development immediately impacted international energy markets as investors reacted to rising uncertainty in the Middle East.

Brent crude oil rose by 0.77 percent, reaching 80.46 dollars per barrel, while US West Texas Intermediate (WTI) increased by 1.44 percent to trade at 77.70 dollars per barrel. Market analysts noted that the sudden shift came after earlier expectations of diplomatic progress had supported a period of price stability.

Just days earlier, crude prices had shown a declining trend following reports of improved oil supply flows from the Middle East. Brent had slipped by 0.37 percent to 79.55 dollars per barrel, while WTI dropped 0.14 percent to 76.54 dollars per barrel. Prior to that, Brent was trading around 77 dollars and WTI near 73 dollars per barrel.

Experts believe the cancellation of talks has revived fears of escalating tensions in the region, which is a key global oil supply hub. Any disruption or political instability in the area typically leads to volatility in energy markets, as traders anticipate possible supply risks.

Analysts further suggest that oil prices may remain sensitive in the coming days, depending on whether diplomatic channels between Washington and Tehran reopen or tensions continue to rise.