U.S. oil jumps more than 7% on report Iran will halt talks with U.S. and completely block Hormuz | 1 June 2026 | U.S. oil prices jumped nearly 8% Monday, after Iranian state media said Tehran will halt talks with the U.S. and completely close the Strait of Hormuz in response to Israeli attacks in Lebanon. West Texas Intermediate futures added 7.8% to $94.20 per barrel by 10:07 a.m. ET. International benchmark Brent crude futures rose 6.7% to $97.23. Iranian negotiators will not hold talks with the U.S. until Israel halts attacks in Gaza and Lebanon and withdraws from occupied areas in Lebanon, according to a social media post from Iran’s state-affiliated news agency Tasnim. Tehran will completely block the Strait of Hormuz and open other fronts including the Bab el-Mandeb Strait, Tasnim reported.