Oil Prices Rise on Stalled Middle East Talks
Oil prices increased as traders reassessed global supplies amid stalled diplomatic efforts regarding the Iran conflict. The White House confirmed no active talks with Tehran are underway. Meanwhile traffic through the Strait of Hormuz remains restricted.
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Brent Crude Oil rose $1.16 to $89 a barrel Thursday afternoon as traders weighed global supply risks. The gain follows stalled diplomatic talks involving Iran and restricted energy transit. Prices dropped over the previous three sessions on hopes of a negotiated settlement.