Brent crude futures prices rose sharply after Axios reported that US-Iranian talks scheduled for Friday in Oman had been cancelled.
By 8:38 PM Moscow time, Brent crude prices had accelerated their rise by 3.42% to reach $69.63 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude futures reached $65 a barrel (up 2.84%).
Earlier, Axios reported, citing sources, that the US-Iran nuclear talks scheduled for February 6 in Oman had been cancelled.
Two US officials told the website that the United States informed Iran on Wednesday that it would not agree to Tehran's demand to change the venue and format of the talks scheduled for Friday.
According to Axios, this impasse could hinder the diplomatic process and convince US President Donald Trump to opt for military action.
