Oil prices rise as US-Iran talks collapse

Global oil prices continued to rise for a third trading session amid escalating tensions in the Middle East and the lack of progress in peace talks between the US and Iran.

Reuters reports this.

Brent crude futures rose 1% to $94.74 per barrel, supported by concerns about potential supply disruptions due to renewed fighting in the Persian Gulf.

Last week, Washington and Tehran announced that they had reached preliminary agreements to end the conflict, but the corresponding document was never signed.

Chris Weston, head of research at brokerage firm Pepperstone, noted that markets had previously been confident that an agreement would be reached quickly between the parties.

“Last week, markets were counting on the signing of a memorandum of understanding. Now the situation looks much more dangerous, and the chances of reaching an agreement have diminished,” he said.

Uncertainty surrounding the talks and new incidents in the Persian Gulf are increasing investor concerns and contributing to a further rise in oil prices, analysts say.

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