Oil Prices Surge on White House Confirmation of No US-Iran Talks

Oil prices surged by more than $1 on Thursday after the White House confirmed that no US-Iran talks were happening, dimming hopes for a resumption of 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.

According to Irina Tsukerman, president of geopolitical risk consultancy Scarab Rising, the weakness in WTI 'reflects an increasingly comfortable US crude balance.'

The White House stated that no negotiations were happening between the US and Iran, but all options remain on the table, with President Biden saying that talks would continue until a meaningful agreement was reached.