Oil Prices Rise as US-Iran Negotiations Heat Up

Oil prices rose and global equities gained as traders focused on US-Iran negotiations and prospects of reopening the Strait of Hormuz, while inflation concerns limited market gains.

The U.S. and Iran are close to reaching some sort of arrangement, according to Pakistan's defense minister, who spoke with Bloomberg News.

Oil prices have risen 5% in the last two days alone, with Brent crude futures up 0.23% at $87.92, and US crude gaining 0.16% to $82.26.

This could be a war of attrition now, said Tony Sycamore, a market analyst at IG, adding that the oil market may sit around the $75 to $95 range while waiting to see who blinks first.