Brent crude rises as Iran conflict talks reach impasse

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.