US Oil Prices Climb 1 Percent on Middle East Peace Hopes
US oil prices rose 1 percent to $91.25 on Thursday. Investors are assessing a US proposal to end the Gulf war as Iranian officials review the peace terms.
Oil prices in the United States climbed during early trading on Thursday as market participants weighed the potential for reduced tensions in the Middle East. WTI Crude Oil Futures (NYMEX) rose by 93 cents, or 1%, to reach $91.25 per barrel by 2225 GMT, recovering from a 2.2% decline in the previous session. The market shift comes as Iran evaluates a diplomatic proposal aimed at ending regional hostilities that have previously disrupted energy flows from the Gulf. While initial reactions from Tehran appeared dismissive, reports suggest the government has not yet issued a definitive rejection of the terms. The proposal was reportedly delivered through Pakistan, which is acting as an intermediary with a 15-point plan on behalf of Washington. Although some Iranian officials have publicly criticized the idea of negotiating with the administration of Donald Trump, the delay in a formal response suggests internal deliberation. The White House has maintained a firm position regarding the negotiations, with press secretary Karoline Leavitt indicating that the administration is prepared to increase pressure if a resolution is not reached.
