Oil prices rise as Iranian demands over the Strait of Hormuz delay a potential US-Iran deal, lifting ICE Brent above $82 per barrel.
ICE Brent crude climbed above $82 per barrel, settling 3.8% higher in yesterday’s session, as US-Iran negotiations face renewed obstacles. Iranian demands include banning US and Israeli ships from the Strait of Hormuz and seeking compensation for hostile nations, complicating talks.
Analysts expect Brent to average $80 per barrel in the third quarter but warn of significant risks amid persistent distrust. Prior sessions saw prices fluctuate near $80 as progress in negotiations appeared fragile.
Early trading today extended gains, reflecting market sensitivity to geopolitical tensions in key oil transit routes.