Oil Prices Hold Near One-Week High Amid Stalled US-Iran Talks

Oil prices hovered near a one-week high on August 11 as diplomatic talks between the U.S. and Iran stalled, dimming prospects for a breakthrough to end hostilities and reopen the Strait of Hormuz.

According to Reuters, Brent crude futures ticked down 10 cents, or 0.11%, to $87.62 per barrel, while U.S. West Texas Intermediate (WTI) crude futures eased 5 cents, or 0.06%, to trade at $82.08 per barrel.

KCM Trade chief market analyst Tim Waterer said, 'There appears to be a gulf, no pun intended, between the U.S. and Iran over what any agreement would actually look like.'

Saudi Aramco has postponed the restart of its 400,000-barrel-per-day Jazan refinery until August 30 after two Houthi attacks on the plant.