US Crude Futures Climb as Iran Peace Talks Remain Uncertain
U.S. oil prices rose Wednesday as uncertainty persisted over peace talks with Iran. Despite a ceasefire extension, the Strait of Hormuz remains largely closed.
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Crude oil prices trended upward during early trading on Wednesday as the market reacted to the United States announcing an indefinite extension of its ceasefire with Iran. Despite the diplomatic gesture, persistent uncertainty regarding the success of peace negotiations and the continued closure of the Strait of Hormuz provided support for energy prices.
West Texas Oil futures rose to a session high of $90.70 per barrel and were last seen trading at $90.26, up 59 cents or 0.7%. This follows a significant rally on Tuesday when the benchmark contract closed 2.8% higher.
