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Commodities

Brent Crude Prices Soar Amid Deadlocked US-Iran Peace Talks

Guavy AI Editorial Team
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Oil
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Brent crude oil prices rose by $3.35 per barrel on Monday to trade at $108.04 per barrel, as peace negotiations between the US and Iran remain stalled.

The proposed seven-day peace deal, which was rejected by the US, would have reopened the Strait of Hormuz to commercial navigation in exchange for Washington releasing all frozen Iranian assets.

However, the upward pressure on Brent crude prices was met with downward pressure after Baker Hughes reported a rise in US crude oil rig activity.

The total number of rigs drilling for crude oil in the US increased by three over the week to 455 units last week, indicating future oil production.

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