The failure of the US and Iran to reach a peace deal after marathon negotiations has put markets on alert for further oil and gas price rises. With large numbers of oil tankers remaining stuck in the Persian gulf, the US vice-president, JD Vance blamed the collapse of the talks on Tehran’s refusal to abandon its nuclear weapons programme, while Iranian sources hit back at “excessive” demands from Washington. Vance, who left Islamabad on Sunday morning after 21 hours of talks with Iranian officials in the Pakistani capital, said his team had been very clear on its red lines as
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