Brent crude prices surged more than 3% following a report by Israeli broadcaster N12 indicating the resignation of Iran's chief negotiator in talks with the United States. As of 2:05 PM Eastern Time on Thursday, Brent crude rose nearly 3% to $104.79 per barrel, while West Texas Intermediate increased over 3% to $95.95 per barrel.
According to the report, Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, resigned from his role as Tehran's chief negotiator due to interference from Iran's Revolutionary Guard. Other media outlets have not yet confirmed the report, but the potential involvement of the Revolutionary Guard has raised market concerns that Tehran may adopt a tougher stance in negotiations with the U.S.
Simultaneously, oil tanker traffic through the Strait of Hormuz remains significantly low as the U.S. and Iran attempt to enforce competing blockades during the ceasefire. Iran continues to require vessels to obtain its permission to traverse the strait, while former President Donald Trump asserted on Thursday that the U.S. exercises "complete control" over the maritime passage, stating that ships must secure clearance from the U.S. Navy to pass through.
The U.S. has maintained a blockade on Iranian ports since April 13. During the ceasefire, both nations have detained vessels—Iran seized two cargo ships in the strait on Wednesday, while the U.S. has intercepted multiple Iranian oil tankers.
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