Vice President JD Vance traveled to Pakistan on Saturday to engage in peace talks with Iran. However, the two countries failed to reach a deal.

The price of oil plunged well below $100 last Wednesday after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.

President Trump said the price of oil may be “a little bit higher” and doubled down on comments that Iranian civilization “will die” unless the regime caves to his demands. His comments come after peace talks between the U.

Oil prices surged by more than 7% back above $100 a barrel on Monday after US President Donald Trump ordered the blockading of Iranian ports following the failure of peace talks between Washington and Tehran.

Prices of U.S. benchmark West Texas Intermediate crude hovered just above $104 per barrel late Sunday night, with Brent crude oil, the international benchmark, prices sitting at just above $102 per barrel.

Oil prices spiked above $100 a barrel late Sunday in the United States after the White House signaled it would begin blockading Iranian ports, escalating tensions with Iran following failed negotiations.

Vice President JD Vance traveled to Pakistan on Saturday to engage in peace talks with Iran. However, the two countries failed to reach a deal.

U.S. President Donald Trump acknowledged that oil and gasoline prices could remain elevated through the fall, signaling potential political and economic consequences from the ongoing conflict with Iran.