Oil Prices Surge Amid Fading Hopes of US-Iran Peace Deal
Oil prices have risen close to $90 per barrel as hopes of a US-Iran peace breakthrough fade. Brent crude futures rose by 1% to $89.40 a barrel, while US West Texas Intermediate (WTI) crude futures gained 44 cents to $82.83 a barrel.
The increase is attributed to fading hopes for a diplomatic resolution to the conflict. Iranian Foreign Minister Abbas Araqchi said over the weekend that Tehran had not yet decided whether to resume talks with the United States.
US President Donald Trump has urged Americans to accept slightly higher gasoline prices while the conflict continues. The slowdown in shipping through the Strait of Hormuz has added to concerns about the flow of crude and other commodities through one of the world's most important energy chokepoints.