Oil Rally Extends as Iran Rejects Talks and Strait of Hormuz Stays Closed
Brent crude topped $84 a barrel, rising over 5% in three days, as Iran refused negotiations and shipping threats persisted near the Strait of Hormuz.
Brent crude prices advanced to above $84 per barrel, extending a rally that has gained more than 5% over the last three trading sessions. The move came after Iran rejected U.S. overtures for direct talks and no agreement was reached to reopen the Strait of Hormuz, a critical chokepoint for global oil shipments.
Continued threats from Houthi rebels and repeated attacks on tankers in the Red Sea have kept energy markets on edge, adding a risk premium to crude benchmarks.
Source: First Squawk