Oil prices rose again amid a little relief after Iran signaled it had no intention of holding direct talks with the United States.
Prices went slightly down this week when Trump said on Tuesday that the U.S. and Iran are “in negotiations right now” and suggested Tehran is eager to make a deal.
As prices reportedly rise again, international benchmark Brent crude futures added 1.95% to $104.21 per barrel, while U.S. West Texas Intermediate futures climbed 2.05% to $92.17 per barrel.
Previously, Iran’s effective closure of the Strait of Hormuz-conduit or channel for one-fifth of global oil supplies and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.
Till now, oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.
The latest rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.
Market observers said prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.
Iranian Foreign Minister Abbas Araghchi told state media on Wednesday that exchanges between the two countries through mediators do not mean “negotiations with the U.S.,” Reuters reported.
Additionally, Iranian state media also reported that Tehran would reject a U.S. ceasefire offer and had instead laid out its own conditions for ending the conflict.
