Oil prices jump 6% as US-Iran tensions threaten ceasefire, boosting BP and Shell shares.

Oil prices surged 6% to $95.90 a barrel amid renewed tensions between the US and Iran, with Iran threatening to close the Strait of Hormuz and refusing to join peace talks due to a US naval blockade. This escalation has raised concerns over the stability of the key oil shipping route and the fragile ceasefire set to expire soon. As a result, energy stocks like BP and Shell saw their shares rise by 3.2% and 2.5%, respectively. Market analysts warn that failed negotiations could lead to resumed conflict and increased market volatility.