Oil Prices Rebound on Trump's Rejection of Iran Deal Revival
Oil prices rebounded on Thursday as traders scaled back bets on an imminent diplomatic breakthrough between Washington and Tehran.
The US administration has told mediators it has no interest in reviving the terms of the June memorandum with Iran, according to a Wall Street Journal report.
This news pushed Brent crude up 2% to around $90 a barrel, while West Texas Intermediate settled up roughly 1.5% at near $84.
The rally came despite diplomatic efforts earlier in the week aimed at restarting talks, including Qatar's prime minister visiting Tehran on Thursday.
The White House confirmed no active negotiations with Iran are underway, with Trump saying the US is focused on economic pressure rather than renewed talks.
Tehran has warned that vessels breaching its new Hormuz transit rules could face blacklisting, while a senior security official threatened proportionate retaliation against US-linked shipping and energy interests.