Iran pauses indirect US talks and signals Hormuz blockade as Brent tops $97

Iran said on Monday it has stopped indirect talks with the U.S. and threatened a full blockade of the Strait of Hormuz, a move that pushed oil sharply higher. Brent rose about 6.5% to above $97 per barrel and WTI gained 7.5% to just under $94, as markets weighed renewed risks to Middle East supply routes.