Commodities
Home›Commodities›Energy›Oil rises again as hopes for US-Iran ceasefire deal fa…
Oil rises again as hopes for US-Iran ceasefire deal fade
Brent futures settled at $91.14 per barrel, while WTI climbed to $85.04, after the 60-day US-Iran window for a final settlement expired without an agreement.
LiveMint Markets reports crude oil prices rose for a third straight day as hopes of a deal to end the Middle East conflict weakened, with Iran signaling a more aggressive approach and the US ruling out an extension of the ceasefire.
Brent crude futures gained 27 cents, or 0.3%, to $91.14 per barrel after reaching the highest level since July 30 in the prior session. US West Texas Intermediate futures rose 42 cents to $85.04, following an earlier jump of more than 1% to $85.37, its strongest level since July 31.
The report cited US-Iran tensions around energy supply disruptions, including the Strait of Hormuz, while Iran said it is discussing management of the waterway with Oman and Washington is not involved. The US memorandum cited by the president was signed in June and technically expired on Monday, and officials said they are not rushing to end the conflict as it nears its sixth month.
The broader backdrop is that crude is up nearly 50% this year as the prolonged war has disrupted energy flows from the Middle East, even as Persian Gulf producers look for alternative ways to move oil through the Strait of Hormuz. LiveMint Markets also notes Saudi Arabia is offering cargoes sourced from outside the chokepoint, while further sanctions on Iran are still pending after being promised for this week.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%