Middle East Tensions Weigh Heavily on Oil Prices Amid Ukraine Peace Hopes
Oil prices were mixed on Thursday as investors weighed escalating tensions in the Middle East against renewed hopes for a Ukraine peace deal.
The US strikes on Iran and Israeli threats against Tehran revived concerns about disruption to Middle East supplies, pushing oil prices higher. However, comments from Russian President Vladimir Putin indicating openness to peace negotiations with Ukraine helped ease concerns about Russian fuel supply disruptions.
Brent crude futures settled down 11 cents at $95.52 a barrel while US West Texas Intermediate crude futures rose 29 cents to $91.30. Both contracts hit six-week highs earlier in the session.
The war between the US and Iran, which began with US-Israeli strikes at the end of February, is now in its seventh month. Vice-President JD Vance told reporters that the US does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz.