Oil Prices Soar on Fading Hopes for US-Iran Diplomatic Breakthrough

Oil prices surged to $105.33 per barrel on Thursday, as hopes for a diplomatic breakthrough between the US and Iran faded following indirect talks in New York.

The Strait of Hormuz will not be reopened until certain conditions are met, according to Iran's stance. The country presented the US with a road map to end their conflict, which includes a regional ceasefire and the gradual reopening of the strait.

Saudi Arabia's East-West pipeline has been reactivated after a drone attack, easing supply chain concerns and reinforcing the oil market's conflict resilience. However, traders remain focused on diplomatic signals from New York.