Oil Prices Up as US–Iran Talks Stall, Hormuz Disruptions Tighten Supply

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Oil Prices Up as US–Iran Talks Stall, Hormuz Disruptions Tighten Supply

Oil prices increased on Tuesday as talks between the United States and Iran broke down, while disruptions in the crucial Strait of Hormuz restricted access to energy supplies from major Middle Eastern producers.

Brent crude futures for June delivery rose 45 cents, or 0.4%, to $108.68 per barrel, after gaining 2.8% in the previous session to their highest close since April 7, The Caspian Post reports, citing Reuters.

U.S. West Texas Intermediate (WTI) crude for June delivery rose 58 cents, or 0.6%, to $96.96 per barrel, following a 2.1% increase in the previous session.

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Oil Prices Up as US–Iran Talks Stall, Hormuz Disruptions Tighten Supply

Oil prices increased on Tuesday as talks between the United States and Iran broke down, while disruptions in the crucial Strait of Hormuz restricted access to energy supplies from major Middle Eastern producers.