Oil Extends Gain as US-Iran Ceasefire Remains Elusive

Oil pushed higher as a peace deal between the US and Iran remains elusive, prolonging the effective closure of the vital Strait of Hormuz and the disruption to global energy shipments.

Brent crude rose 3.4% to settle near $108 a barrel, while West Texas Intermediate closed near $102. US President Donald Trump said “it’s just a question of time” before Iran capitulates, a day after the US leader said a fragile ceasefire between Tehran and Washington was on “massive life support.”