US-Iran Talks Stall, Geopolitics Lift Oil Prices
Oil prices rose by around 2% on Thursday as diplomatic efforts between the US and Iran stalled, keeping geopolitical risks in focus. Brent crude futures climbed back above $105 a barrel.
The market remains supported by uncertainty over the conflict and its potential impact on energy supplies. However, continued oil flows through the Strait of Hormuz and the restart of Saudi Arabia's East-West pipeline have helped contain some physical supply pressures.
Iranian officials have stated that Tehran is reviewing Washington's response to its peace proposals, which include lifting the US naval blockade of Iranian ports and reopening the Strait of Hormuz. Iranian President Masoud Pezeshkian said at the United Nations General Assembly that Tehran would not surrender to US pressure.