Hormuz Hopes Dashed: Oil Prices Soar on Renewed Conflict

Oil prices have surged as renewed violence in the Middle East has dampened hopes for a breakthrough in negotiations to reopen the Strait of Hormuz.

The international benchmark, Brent crude, rose over 2% overnight into Wednesday, reaching close to $90 a barrel.

This comes after attacks on shipping in the region cast doubt on prospects for a return to stability in energy markets.

Market analyst Tim Waterer noted that while 'markets have not completely lost hope for a deal', confidence is eroding as talks drag on without visible progress.