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US-Iran Tensions Spark Oil Price Rally Amid Strait of Hormuz Concerns

Guavy AI Editorial Team
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Oil
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Oil prices surged more than 2% on Thursday as tensions surrounding US-Iran negotiations raised concerns about the stability of Middle East energy supplies.

Brent crude futures, the international benchmark, rose to $100.35 a barrel at 0830 GMT, bouncing back from earlier declines. US West Texas Intermediate futures also advanced to $92.62, both benchmarks increasing by 2.4% and 2.45%, respectively.

The Strait of Hormuz remains a critical factor in the negotiations and regional energy supplies. Iranian government spokesperson Fatemeh Mohajerani confirmed on Wednesday that Tehran had received a US response to its proposal delivered through Qatari mediation.

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