Oil Prices Jump Amid US-Iran Negotiations Uncertainty

Oil prices surged on Thursday as uncertainty over US-Iran negotiations weighed on prospects for sustained Middle East energy supplies. The international benchmark Brent crude futures gained 2.4% to $100.35 per barrel, while US benchmark West Texas Intermediate rose 2.45% to $92.62.

The recovery in oil prices is clouded by concerns that it may not be lasting without a lasting agreement between the two countries. The Strait of Hormuz remains central to negotiations and regional energy flows. Iranian government spokesperson Fatemeh Mohajerani said on Wednesday that Tehran had received Washington's response to a new proposal conveyed through Qatari mediation.

Tehran has stated conditions for an agreement, including ending hostilities on all fronts, lifting the US naval blockade, and releasing Iranian assets. The OPEC+ producers maintained October output targets at September levels, highlighting the importance of supply policy alongside diplomatic developments.