The price of oil surged nearly 5% on Wednesday as U.S. officials talked down the chance of new peace talks after an 11th straight night of strikes on Iran and with major disruption now facing two of the world's key supply routes.
Intense fighting between Israel and Hezbollah in southern Lebanon has scuttled scheduled talks between the United States and Iran. The cancellation of talks raised questions about an initial agreement to end the war in Iran.
