Oil prices climb on US-Iran talks

Fears of ongoing supply disruptions due to the situation in the Middle East, particularly the war between the United States and Iran, have led to a more than 2% increase in oil prices. Brent crude rose by 2.46% to $85.83 per barrel, while U.S. West Texas Intermediate increased by 1.73% to $81.73. This followed a session that saw sharp declines, reaching lows not seen in weeks. The rise came after the U.S. President announced a delay in attacks on Iran until talks focused on ending the war could be completed. Iran has denied any negotiations are currently taking place, increasing the risk of disruptions to oil shipments through the strategic Strait of Hormuz, which accounts for one-fifth of global oil production. Regional tensions continue to cast a shadow of uncertainty, with threats of higher insurance costs and altered shipping routes, raising the prospects of a renewed escalation in the crisis.

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