Oil prices rise 3.8% with US-Iran peace talks deadlocked
Brent crude oil prices have rebounded more than 3 percent after Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz.
Brent futures rose $3.98, or 3.82 percent, to $108.30 a barrel at 09:59 GMT while US West Texas intermediate crude was at $95.93 a barrel, up $3.52 or 3.81 percent.
“Oil prices appeared to have jumped on the back of President Trump rejecting Iran’s peace proposal,” said Hamad Hussain, senior climate and commodities economist at Capital Economics.
“While greater flows through the Strait of Hormuz are easing some of the upward pressure on prices, the bigger picture is that the oil market remains in a deficit,” Hussain added.
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