Oil prices rise higher as Iran denies US talks, dimming deescalation hopes
Iran attacks Kuwait, Israel after Trump sets deadline for deal
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Oil prices surged, with Brent crude topping $104 a barrel on Thursday, after Iran denied engaging in direct talks with the United States regarding de-escalation of the conflict. The price increase reverses a dip from the previous day when reports suggested a potential peace plan. Asian stock markets also reacted negatively to the news. Iran's denial and the White House's warning of further consequences if Iran doesn't accept defeat have heightened concerns about the Strait of Hormuz, a critical oil supply route. Since the US and Israel launched strikes on Iran on February 28, oil prices have risen over 40%, leading to energy conservation measures globally, and analysts predict further increases until the Strait is secure.
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AI-ExtractedOil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28.
White House Press Secretary Karoline Leavitt warned Iran would be “hit harder” than ever before if it didn't accept military defeat.
Iranian Foreign Minister Abbas Araghchi said Tehran was not engaged in direct talks with Washington.
Brent crude rose nearly 2 percent on Thursday to top $104 per barrel.
Iran’s effective closure of the Strait of Hormuz is a conduit for one-fifth of global oil supplies.
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