Oil prices surged Monday after reports that Iran was cutting off talks with the United States to end the ongoing war, raising fears of continued supply disruptions.

U.S. crude rose about 5.5% to $92.16 per barrel, while Brent climbed 4.5% to $94.98.

Energy markets also pushed up fuel and bond yields, though prices eased slightly after hitting earlier highs.

The jump followed renewed tensions as Iran signaled possible moves to restrict key shipping routes like the Strait of Hormuz, NBC News has reported.

President Donald Trump said the U.S. would maintain its blockade on Iranian ports and downplayed concerns about rising oil prices.