00:00Oil prices rose on Thursday on skepticism that forthcoming peace talks between the U.S. and Iran would be able
00:06to resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.
00:11Brent crude futures climbed $4.46 or 4.7 percent to settle at $99.39 a barrel.
00:19U.S. West Texas Intermediate crude futures gained $3.40 or 3.7 percent to settle at $94.69 a
00:27barrel.
00:30The U.S.-Israeli war with Iran stands as the largest ever disruption of global oil and gas supplies due to
00:36Iran's interruption of traffic through the Strait of Hormuz,
00:39which typically carries about 20 percent of the world's oil and liquefied natural gas flows.
00:44Each day that passes with maritime traffic still effectively shut means all users worldwide are running down supply-tightening markets.
00:52U.S. and Iranian negotiators have scaled back their expectations for a comprehensive peace deal
00:57and are instead seeking a temporary memorandum to prevent a return to conflict, two Iranian sources told Reuters on Thursday.
01:05By contrast, U.S. President Donald Trump later said the U.S. is very close to a deal with Iran,
01:11an assertion he has previously made.
01:14Oil benchmarks barely reacted to his remarks.
01:17Oil markets also did not react to Trump's announcement of a 10-day ceasefire between Israel and Lebanon in their
01:24related conflict starting Thursday.
01:27Oil markets in their
Comments