Crude Oil Prices Spike on Diplomatic Deal Doubts with Iran
Crude oil prices rose on Thursday due to concerns that diplomatic efforts between the US and Iran may not lead to a breakthrough, casting doubt on the continued growth of energy shipments through the Strait of Hormuz.
The price of WTI crude increased by 1.6% to settle near $84 per barrel, while Brent crude for October delivery traded near $90 per barrel in light volume.
US President Trump reportedly told mediators that he had no intention of returning to the terms of the truce reached with Iran in June, which dashed market hopes for a revenue-sharing agreement between Iran and Oman regarding the Strait of Hormuz.
White House Press Secretary Karoline Leavitt stated that the US is not negotiating with Iran and that the blockade against the country will remain in effect.