Oil prices rise again with little sign of war on Iran ending

Brent crude futures hit $126.41 on Thursday – a 5 percent rise for the week.Oil prices are spiking again as efforts to resolve the Iran war remain at an impasse, with Tehran continuing to block the Strait of Hormuz and the United States Navy blockading Iranian ports and exports of Iranian crude.On Friday, Brent crude, the international benchmark, was up 89 cents at $111.29 a barrel by 08:08 GMT, compared with about $65 before the US and Israel began strikes on Iran on February 28. Overall, the Brent benchmark was poised for a 5.7 percent gain over the week, the Reuters news agency reported.Brent crude futures for June also continued to rise on Thursday, hitting $126.41 a barrel before expiry, marking the highest level since March 2022, Reuters said.A Pakistan-brokered ceasefire between the US and Iran has been in place since April 8 to allow time for talks but on Thursday evening, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said it was unreasonable to expect quick results, the official IRNA news agency reported.“Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very realistic,” he was quoted as saying.Iran has threatened to strike back if the US renews attacks, including on US assets in neighbouring Gulf countries.On Friday, United Arab Emirates presidential adviser Anwar Gargash wrote in a post on X that no unilateral Iranian arrangements can be trusted or relied upon regarding freedom of navigation through the Strait of Hormuz as a result of its “treacherous aggression” against its neighbours.