Oil Prices Rise as Trump Signals No Return to Iran Ceasefire Deal
Oil prices rose on Thursday after reports that US President Donald Trump was uninterested in returning to terms of a June ceasefire deal with Iran, casting doubt on a sustainable increase in energy flows through the Strait of Hormuz.
The West Texas Intermediate rose 1.6% to settle near $84 a barrel, while the international benchmark Brent for October delivery was near $90 amid thin trading ahead of the contract's expiry on Friday.
Talks between Iran and Oman, along with US economic measures that proved less harsh than anticipated, have helped ease prices this week.
However, Tehran has repeatedly said an agreement on navigation would not equate to an immediate re-opening of the chokepoint for about a fifth of the world's oil supplies. The US has signaled it isn't interested in a deal set on Tehran's terms, instead opting to apply pressure on the Islamic Republic's economy through sanctions and a naval blockade of Iranian ports.