Oil Climbs as Traders Doubt US-Iran Diplomatic Breakthrough

Deep News05:01

Crude prices moved higher on Thursday, driven by signals that diplomatic efforts aimed at securing a deal over the Strait of Hormuz are hitting roadblocks. This has cast fresh doubt over the sustainability of energy shipments through the critical waterway.

West Texas Intermediate crude advanced 1.6%, settling near $84 per barrel, while the October Brent contract, set to expire on Friday, hovered around $90 per barrel amid thin trading volumes. The more actively traded November Brent contract closed just below $89.

Reports emerged suggesting that US President Donald Trump has informed intermediaries he has no intention of restoring the ceasefire terms with Iran that were reached back in June. The development dampened market optimism that a revenue-sharing agreement between Iran and Oman concerning the Strait of Hormuz could soon pave the way for a broader understanding with Washington.

White House Press Secretary Karoline Leavitt told reporters earlier on Thursday that the United States is not engaged in negotiations with Iran, reiterating that the blockade against Tehran remains firmly in place.

In settled trading, October Brent climbed 2.1% to $89.70 per barrel, the more active November contract gained 1.8% to finish at $88.52, and October WTI rose 1.6% to settle at $83.53.

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