US-Iran Peace Hopes Fade, Oil Prices Rise to Near Three-Week High

Oil prices rose for the third day in a row as hopes of a US-Iran peace deal faded. The Brent crude futures contract climbed 35 cents, or 0.39%, to $91.22 a barrel by 0827 GMT.

US West Texas Intermediate crude futures were up 81 cents, or 0.96%, at $85.31 a barrel, with both contracts on course for their third straight day of gains.

The lack of progress in peace talks and the resumption of oil tanker traffic through the strategic Strait of Hormuz has halted, threatening to prolong the conflict that began with US and Israeli attacks on Iran on February 28.

A senior Iranian official said Iran would shift to a 'fully offensive' military posture as efforts have stalled towards a permanent end to the war.