Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026.
Stringer | Reuters
Oil prices jumped about 2% Sunday, after plans for a second round of peace negotiations between the U.S. and Iran unraveled again.
Iran’s Revolutionary Guard also reportedly boarded two cargo ships near the Strait of Hormuz as tensions in the strategic sea lane remain high.
International benchmark Brent oil futures rose more 2% to $107.89 per barrel by 6:27 p.m. ET. U.S. crude oil also jumped more than 2% to $96.63.
President Donald Trump on Saturday cancelled plans to send U.S. envoy Steve Witkoff and Jared Kushner to Islamabad, Pakistan for negotiations with Iran.
“Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their ‘leadership,'” Trump wrote in a post on Truth Social.
“Nobody knows who is in charge, including them,” the president said. “Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Iranian Foreign Minister Abbas Araghchi travelled to Islamabad over the weekend but met only with Pakistani officials before leaving.
“No meeting is planned to take place between Iran and the U.S.,” Iran’s Foreign Ministry spokesperson Esmaeil Baqaei said in a social media post late Friday.
CNBC’s Sarah Whitten, Azhar Sukri and Kevin Breuninger contributed to this report.