There is uncertainty on the table with the US and Iran regarding negotiations to bring crude oil prices up to par with the rest of the world.
International crude oil prices rose sharply, amid the continued uncertainty on the negotiations between the United States and Iran, and on reopening of the critical Strait of Hormuz.
Brent Crude: The price of international benchmark Brent crude increased by 2.57%, pushing it up to $85.70 per barrel.
US WTI Crude: American benchmark crude oil gained 2.52 per cent to trade at $80.15 per barrel.
Market concern about future prospects for US-Iranian diplomatic negotiations and a resumption of international shipping through the Strait of Hormuz are the main factor driving oil prices higher worldwide.
Iran, meanwhile, said that “constructive talks” with Oman on the passage of maritime traffic in the Strait of Hormuz are underway. Talks about the situation of the waterway continue, but global investors are closely watching the outcomes of the talks and the security situation in the waterway, Tehran said.