Commodities
US-Iran Talks Stall, Crude Prices Rise to $83 as Strait of Hormuz Uncertainty Lingers
New York crude oil futures rose for the fifth consecutive session to the $83 range due to supply concerns amid stalled US-Iran talks.
The benchmark US West Texas Intermediate (WTI) September contract settled at $83.27 per barrel, up $0.07 from the previous day.
The rally was driven by uncertainty surrounding the reopening of the Strait of Hormuz, with Mohsen Rezaei, secretary of Iran's Supreme National Security Council (SNSC), indicating that energy transport routes could be threatened if the United States fails to accept Iran's conditions.
However, factors capping upside momentum exist, including expectations of negotiating progress and supply fears intersecting, leaving the market in a state of searching for direction.