Oil turns positive on report Iran rejects US proposal for Strait of Hormuz
- Brent crude futures rose 71 cents, or 0.7%, to $101.98 per barrel
Hopes for a U.S.-Iran peace deal, including the potential reopening of the Strait of Hormuz, caused oil prices to slump over 2%, with Brent crude dropping below $100 a barrel.
- Potential U.S.-Iran peace deal impact on oil prices.
- Gradual reopening of the Strait of Hormuz.
- Upcoming U.S.-China summit's role in Iran diplomacy.
NEW YORK: Oil prices turned positive in volatile trade on Thursday after a report said Iran would not allow the US to reopen the Strait of Hormuz with “an unrealistic plan.”
Brent crude futures rose 71 cents, or 0.7%, to $101.98 per barrel at 1:36 p.m. EDT (1736 GMT), while US West Texas Intermediate crude rose $1.62, or 1.7%, to $96.70.
Earlier in the session, both benchmarks were down over $5 a barrel.
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A senior Iranian official said Iran would not allow the US to reopen the Strait of Hormuz with “an unrealistic plan” and then exit the war without paying any reparations “for all the damage inflicted on Iran,” the Wall Street Journal said, citing Iran’s state broadcaster Press TV.