Oil price rises above $100 a barrel again amid uncertainty over U.S.–Iran talks

Oil prices rose by more than 2% on Thursday, as uncertainty over U.S.–Iran negotiations clouded the prospects for a sustained recovery of energy supplies in the Middle East.

International Brent crude futures rose 2.4% to $100.35 a barrel at 08:30 GMT local time, reversing earlier losses, while the U.S. West Texas Intermediate price rose 2.45% to $92.62.

Investors weighed signs of improving regional crude oil shipments against concerns that the recovery could slow without a durable agreement to end the war with Iran.

The Strait of Hormuz, a key route for global oil shipments, remains at the center of the negotiations and of the outlook for regional energy flows.

Iranian government spokeswoman Fatemeh Mohajerani said on Wednesday that Tehran had received Washington’s response to a new proposal conveyed through Qatari mediation.

Tehran’s stated conditions include a cessation of hostilities on all fronts, including Lebanon, the lifting of the U.S. naval blockade and the release of Iranian assets.

Meanwhile, seven OPEC+ producers kept their October production targets at September levels, underscoring the importance of supply policy alongside diplomatic developments.