Vessels in the Strait of Hormuz, observed from Musandam, Oman, on Friday. Reuters
Oil prices increased today but remained below the four-year highs reached yesterday, as talks to resolve the Iran conflict stalled and the Strait of Hormuz continued to be closed to the majority of shipping activity.
Brent crude futures for July, the worldwide benchmark, increased by 1.0% to $111.48 per barrel, having surged sharply yesterday before retreating at the close.
West Texas Intermediate futures increased by 0.4% to $105.50 a barrel.
In recent days, global crude prices have increased following the collapse of in-person talks between the US and Iran, resulting in the Strait of Hormuz—an essential oil and gas shipping route—remaining effectively closed.
US President Donald Trump stated that only he and a few others are aware of the status of negotiations with Iran, suggesting that talks are progressing despite the seeming deadlock, while he also recognized the ambiguity regarding Iran’s leadership.
Pakistani intermediaries anticipate a modified peace proposal from Iran following Trump’s dismissal of an earlier version, with reports indicating a response might arrive by today.
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