Oil prices have edged higher, with Brent crude rising more than 1 percent. While prices remained steady at times, investors are focused on the next steps for peace talks over the Iran war, as uncertainty over a potential de-escalation keeps global markets on edge.
The near-closure of the crucial Strait of Hormuz continues to prolong disruptions that have upended global markets. Iran has offered to reopen the waterway in exchange for a deferral of nuclear talks, but reports indicate that President Trump told advisers he was not satisfied with the proposal.
The latest move higher in prices comes amid reports that the U.S. will look to extend its blockade of Iranian ports. Investors continue to parse fresh signals from U.S.-Iran negotiations as the situation evolves.