Oil Prices Soar on Fading US-Iran Peace Hopes

Oil prices have reached their highest level in over three weeks due to fading hopes for peace between the US and Iran. The Strait of Hormuz remains closed, with Iran indicating it will maintain an offensive stance until the US meets certain conditions.

Brent crude futures settled at $91.02 a barrel, while West Texas Intermediate crude futures closed at $84.94 a barrel - both their highest since July 24.

Saudi Aramco has resumed oil loadings from inside the Strait and is offering cargoes for loading via ship-to-ship transfers off Fujairah in the UAE.

Two Chinese shipping giants have started collecting oil cargoes outside the Gulf, easing some supply concerns but vessel traffic through the strategic waterway remains minimal.