Commodities
Oil Rises on Doubts Over US, Iran Stance to End Conflict
An oil rig in the Port of Cromarty Firth during sunrise in Cromarty, UK.
Photographer: Jason Alden/BloombergOil edged higher in choppy trading as fresh doubts emerged over the fate of peace negotiations between the US and Iran that could secure the reopening of the critical Strait of Hormuz.
West Texas Intermediate futures rose 3% to close above $108 a barrel and Brent futures closed around $112 a barrel as both sides deemed fresh proposals insufficient to ending the war. Oil pared some gains post settlement when US President Donald Trump said he had called off planned attacks on Iran set for Tuesday at the request of other Middle Eastern countries.