Oil prices rise as US-Iran breakthrough hopes fade

Oil prices rose again on Thursday, Sept. 24, extending Wednesday's rebound as hopes for a near-term breakthrough in US-Iran negotiations faded. Brent futures rose above $107/bbl, while US West Texas Intermediate (WTI) climbed to $96.50/bbl. The gains erased the week's earlier weakness, which came as signs of improving Middle East supply pushed prices lower.

Iran and the US remain divided over terms for ending the conflict. Tehran is prioritizing an end to the US naval blockade on Iranian ports and the reopening of the Strait of Hormuz. A senior Iranian official said that both issues were discussed in indirect talks on Tuesday, but there was little sign of an imminent agreement.