Commodities
Oil Prices Soar on Iran Negotiation Snub and Strait of Hormuz Restrictions
Oil prices rose by over $1 on Thursday after the White House confirmed it was not in talks with Iran, despite diplomatic efforts by other countries to resume oil flows through the Middle East.
Brent crude futures climbed $1.08, or 1.23%, to $88.92 a barrel at 11:35 a.m. ET (1535 GMT), while U.S. West Texas Intermediate crude futures gained 19 cents, or 0.23%, to $82.42.
The White House said no negotiations are happening between the U.S. and Iran, but all options remain on the table, according to press secretary Karoline Leavitt.
The Strait of Hormuz, which handles about one-fifth of global daily oil and liquefied natural gas supplies, remains restricted due to the conflict between Iran and other countries in the region.