Oil Prices Rise on Doubts Over US-Iran Peace Talks

Oil prices rose on Thursday after market doubts emerged about the prospects of a deal between the US and Iran to end the war that has disrupted Middle Eastern energy supplies. The war has halted traffic through the Strait of Hormuz, which carries about 20% of the world's oil and liquefied natural gas flows.

The US expressed optimism on reaching a deal with Iran, but analysts remain skeptical. John Evans, an oil market analyst at PVM, said: 'We remain sceptical of any immediate solving of this war... Pick any headline and there is always a counter.'

A potential breakthrough came when Iran proposed allowing ships to exit the Oman side of the Strait freely in the event of a deal. However, US Treasury Secretary Scott Bessent announced that Washington will not renew sanction waivers for some Iranian and Russian oil.