Hormuz Tensions Weigh on Oil Prices Amid Skeptical Market
Oil prices rose on Thursday as doubts arose over whether peace talks between the US and Iran would ease tensions in the Middle East. The market questioned whether a deal could be reached to end the war that has disrupted energy supplies.
Brent crude futures climbed $1.65, or 1.7%, to $96.58 a barrel at 0832 GMT. US West Texas Intermediate crude futures rose by $1.45, or 1.6%, to $92.74 a barrel.
Analysts remain skeptical about an immediate resolution to the conflict. PVM oil market analyst John Evans said 'Pick any headline and there is always a counter.'
The US-Iran war has caused unprecedented disruption of global oil and gas supplies, halting traffic through the Strait of Hormuz, which typically carries 20% of the world's oil and liquefied natural gas flows.