Oil Rises as Stalled US-Iran Peace Talks Keep Hormuz Strait Shut

Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets.

West Texas Intermediate futures gained 2.1% to settle above $96 a barrel, while Brent closed near $108. White House Press Secretary Karoline Leavitt said US President Donald Trump discussed an Iranian proposal with his national security team, but was vague about details and the US reaction.