Oil Prices Rebound as Traders Weigh Prospects for Global Supplies

Oil prices rose on Thursday as traders weighed prospects for global supplies in the wake of the ongoing Iran war. Brent crude futures were up $1.22, or 1.39%, at $89.06 a barrel at 10:31 a.m. ET, while West Texas Intermediate crude futures gained 50 cents, or 0.61%, to $82.73.

The recent fall in oil prices was attributed to expectations that talks between Iran and Qatar could open the key Strait of Hormuz and reduce supply disruptions from the Middle East war. However, a lack of progress throughout the week combined with restricted flows may have prompted an adjustment in market views on Thursday, according to UBS analyst Giovanni Staunovo.

The White House confirmed that no negotiations are happening between the U.S. and Iran, but all options remain on the table. Qatar's prime minister visited Tehran on Thursday in a bid to relaunch diplomatic talks to end the U.S.-Israeli conflict with Iran.