Exxon Mobil (NYSE:XOM) shares are trading higher on Monday following U.S.-Iran nuclear negotiations, which 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. It lifted 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.

VP Vance Fails To Secure Deal

Vice President JD Vance left Pakistan without securing a deal with Iran, stressing that Washington, D.C. would not compromise on its core demand that Iran would not seek a nuclear weapon.

Iran must not pursue "the tools that would enable them to quickly achieve a nuclear weapon,” Vance said.

Iran blamed "excessive" demands from the U.S. for the talks collapsing, according to a report by the country's semi-official Tasnim news agency.

On Saturday, President Donald Trump said, “We’ve totally defeated that country… let's see what happens, we win… Maybe they make a deal, maybe they don't. Doesn’t matter.”

While Vance was in Pakistan, ...