Stalled US-Iran talks and tightening fuel inventories lift oil prices as traders monitor Hormuz risks.
Brent crude futures hovered near $90 a barrel before slipping to $87 early Thursday, driven by stalled negotiations between the US and Iran over the Strait of Hormuz. The deadlock has intensified concerns over a potential supply shock, with Tehran demanding compensation and Washington maintaining port blockades.
Global diesel supplies have tightened, adding upward pressure on prices. Analysts warn of further volatility if the impasse persists, with prior highs near $90 reinforcing market sensitivity to geopolitical risks.
Traders remain cautious as the week closes, awaiting clarity on diplomatic progress or escalation in the region.