Oil Rises as Hormuz Stays Shut for Third Month After Talks Stall
(Bloomberg) — Oil gained after efforts to resume peace talks over the Iran war stalled, with the vital Strait of Hormuz remaining effectively closed, extending disruptions in the Middle East that have roiled global markets.
Brent rose as much as 2.5% to $107.97 a barrel, while West Texas Intermediate traded near $96. US President Donald Trump canceled a planned trip over the weekend by his top envoys to Pakistan, which is mediating talks, while Iran said it won’t negotiate so long as it’s being threatened.
