Crude oil prices jump over $102/bbl as US-Iran talks fail, COMEX gold down 0.9%

Crude oil prices in the global market surged past $102 per barrel (bbl) during the early market hours on Monday, April 13, 2026, after US President Donald Trump disclosed that the US-Iran talks have failed over the weekend and the United States is planning to blockade the marine traffic at Strait of Hormuz.

Brent crude oil prices jumped to $103.47 per bbl at 5 am (IST) on Monday, compared to $95.2 per bbl at the previous market close, according to Investing.com data, after Trump announced the latest update on the US-Iran talks for a potential peace deal for the conflict.

The data also showed that the West Texas Intermediate (WTI) crude oil prices jumped to $105.63 per bbl at 5 am (IST) on April 13, compared to $96.57 per bbl at the previous commodity market close.

Crude oil prices today

Investing.com data showed that the crude oil prices were trading 6.9%higher at $101.84 per bbl as of 7:34 am (IST) on April 13, compared to the previous market close of $95.2 per bbl.

The US-based WTI crude oil prices were trading 8.19% higher at $104.48 per bbl as of 7:35 am (IST), compared to $96.57 per bbl at the previous commodity market close, according to the exchange data.

US-Iran conflict update

On Sunday, April 12, US President Donald Trump said that after a 20-hour meeting with Iran, the negotiations have failed to come to any conclusion as the Iranian authorities are ‘unwilling to give up its nuclear ambitions’ as the conflict entered the seventh week since its beginning on February 28.

“The meeting went well, most points were agreed to, but the only point that really mattered, NUCLEAR, was not,” said Donald Trump in his post.

Trump also announced that the United States Navy will begin the process of blockading “any and all ships” that are trying to enter or leave the Strait of Hormuz, the key oil trading route, with immediate effect.

“We will also begin destroying the mines the Iranians laid in the Straits. Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!,” said Trump in his Truth Social post.

Iran’s foreign minister, Abbas Araghchi in a post on X said that the Gulf nation engaged with the US in “good faith to end war,” but before they reached a potential peace deal, the allegedly witnessed “maximalism, shifting goalposts, and blockade.”

“Enjoy the current pump figures. With the so-called 'blockade', Soon you'll be nostalgic for $4–$5 gas,” said Mohammad Bagher Ghalibaf, the Iranian parliamentary speaker, in a social media post on X, highlighting the oil prices in Washington.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.93% lower at $4,742 per ounce as of 10:20 pm (EDT) on April 12, compared to $4,787.40 per ounce at the previous commodity market close, according to the official data.

Gold prices were trading lower on Monday India time on the backdrop of rising demand for the US dollar amid the rising tensions in West Asia. The increased demand for the greenback reduces the buyers' interest in precious commodities like gold, as there is an inverse relationship between the two.

Traders will be able to buy a lesser quantity of gold at the same dollar rate if the US greenback is trading higher due to the demand for safer assets as investors pull out money from the emerging market currencies.

Data collected from the Bloomberg US dollar spot index showed that the greenback was trading 0.38% higher at 99.021 as of 10:21 pm (EDT) on Sunday, April 12, compared to 98.650 at the previous market close.