Oil climbs as Iran talks stall and Hormuz blockade persists
Oil climbs as Iran talks stall and Hormuz blockade persists
Oil prices rise as Tehran blocks Hormuz and talks stall, keeping Brent and WTI higher amid geopolitical risk.
Oil prices rose on Friday as efforts to resolve the Iran conflict stalled, with Tehran blocking the Strait of Hormuz and the U.S. Navy restricting Iranian crude exports. Brent crude futures for July rose to 111.59 a barrel, while WTI futures climbed to 105.46, marking four straight months of gains. Brent's June contract, which expired on Thursday, touched 126.41 a barrel, the highest since March 2022.\n\nThe market has been on the upswing since late February, after the United States and Israel attacked Iran, triggering the closure of the Strait of Hormuz and disrupting shipments of around one-fifth of the world’s oil and liquefied natural gas supply. Brent had surged about 50% in March alone. A ceasefire has been in place since April 8, but officials warned that it was not realistic to expect quick results from talks.\n\nIranian Foreign Ministry spokesman Esmaeil Baghaei said progress would not be rapid, according to the IRNA news agency, underscoring the fragility of the pause in hostilities. Earlier in the day, a senior official of Iran’s Revolutionary Guards threatened long and painful strikes on U.S. positions if Washington renewed attacks.\n\nMeanwhile, a U.S. official said President Donald Trump was slated to receive a briefing on plans for a new round of strikes intended to push Iran toward negotiations. Market analysts have flagged that the latest moves reflect geopolitics and supply disruption more than changes in demand, keeping investors wary of further volatility.
