Brent crude rises as Iran conflict talks reach impasse
Brent crude rose to $111.59 on Friday as Iran signaled that quick results from U.S. talks are unlikely. The Strait of Hormuz remains closed amid the impasse.
Xurve View
Insights:
Xurve View
Brent Crude Oil rose 1.08% to $111.59 a barrel overnight as a diplomatic impasse in Iran fueled supply fears. Prices have climbed for four straight months following military action by the United States and Israel in February. Persistent closure of the Strait of Hormuz disrupts 20% of global oil and liquefied natural gas supply.
West Texas Oil futures rose 0.37% to $105.46 during the early morning. The gains follow extreme volatility where the Brent June contract reached $126.41 on April 30, its highest level since March 2022.
