OIL HITS 3-MONTH HIGH AS HORMUZ TALKS POSTPONED

Oil prices are skyrocketing, with the global oil benchmark soaring further past the $100/barrel mark Monday. What does that mean for consumers? Higher prices at the pump. Americans are now paying an average of $4.31 a gallon, according to AAA. And the national average diesel price is $6.23 per gallon, up $2.54 from this time a year ago. With no end in sight for the war between the U.S. and Iran a lot had been riding on scheduled peace talks between Gulf leaders and Iranian officials, who were set to meet today to discuss reopening the Strait of Hormuz to regular tanker traffic. The meeting was set to happen without the presence of the United States, but, as news of the meeting circulated on Sunday, it was indefinitely postponed, according to the Omani foreign minister. Correspondent Karin Caifa has the latest in a 3:30pET with FREE custom tags.