Chevron Corp. (NYSE:CVX) shares are trading higher during Monday’s premarket session after U.S.-Iran nuclear negotiations ended without agreement in Islamabad on Sunday after 21 hours of marathon discussions.

The development raised fears of potential disruptions to global crude supply through the key shipping route, lifting energy stocks amid expectations of tighter oil market conditions.

As of early today, West Texas Intermediate (WTI) crude oil price surged 7.69% to $104, and Brent crude oil price increased 7.02% to $101.88.

Marathon Talks Fail To Secure Deal

Vice President JD Vance said that American negotiators were leaving Pakistan after failing to secure a deal with Iran, stressing that Washington would not compromise on its core demands.

Vance said the U.S. requires “an affirmative commitment that they will not seek a nuclear weapon,” adding that Iran must not pursue “the tools that would enable them to quickly achieve a nuclear weapon.”

Iran blamed “excessive” demands from the U.S. for the talks collapsing, ...