Ankara: Oil prices rose sharply on Wednesday evening, increasing by nearly 3%, immediately after the announcement that negotiations between Washington and Tehran, scheduled for Friday, had stalled. The price of Brent crude, the international benchmark, reached $70 a barrel.

According to National Iraqi News Agency, this rise came after reports confirmed that the negotiations were at risk of collapsing due to the US rejection of Iranian demands to change the venue and format of the talks, which were to be held on Friday. This has increased concerns in global energy markets about the breakdown of diplomatic solutions.