James Gruber

Meanwhile, US Vice President J.D.

Vance is still in America, with associates of his denying reports that he's on his way to Pakistan for talks.

And President Donald Trump says he's unlikely to extend the deadline for Iran to reopen the Strait of Hormuz, which is set to expire on Thursday morning Australian time.

Share markets reacted negatively to the stalling of peace talks and oil surged.

Let's now take a deeper look at what's happened with Aussie futures, commodities and currencies.

The ASX is poised to open modestly high with index futures up 0.3%.

Speaking of the ASX 200, yesterday it rose 0.1% to 8,953%.

A rally in gold miners and consumer firms kept the index afloat, while banks, iron ore miners and energy stocks weighed.

Today, those energy stocks are likely to react positively to higher oil prices, while investors weigh the impact of US talks on the broader index.

On commodity markets, global oil prices jumped on Wednesday, as we mentioned, on fears that a fragile ceasefire between the US and Iran could break down after the US seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.

Brent crude futures settled 5.6% higher at US$95.48 a barrel.

Base metal prices dropped on Wednesday on US-Iran ceasefire doubts.

Copper futures fell 1.1% while aluminium futures dipped 1.4%.

Gold futures fell to a one-week low on Monday before recovering slightly as Iran's threat of retaliation to the U.S.

takeover of an Iranian cargo vessel drove the dollar and oil prices higher.

The futures settled down 1% to $4,828 an ounce.

Iron ore futures were relatively steady, up 0.2% to $107.09 a tonne.

Let's take a closer look at currencies.

They were mixed against the US dollar.

The euro rose 0.2% to 1.179 US dollars.