0
0 NewsGhana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://www.newsghana.com.gh/brent-rebounds-to-us97-as-iran-talks-stall/Brent crude futures pushed back toward $97 per barrel on Thursday after fresh reports of US military strikes linked to Iran and a breakdown in diplomatic progress reawakened supply disruption fears in energy markets, even as oil remains on track for a second consecutive weekly decline overall.
The rebound interrupted a brief spell of cautious optimism that had lifted markets earlier this week. Traders had been encouraged by reports suggesting both sides might be moving closer to a broader peace agreement that would lead to the reopening of the Strait of Hormuz, the narrow maritime corridor handling roughly one-fifth of global oil shipments. That sentiment faded quickly when talks appeared to stall over two significant sticking points: Iran’s insistence on retaining control over the strategic waterway and its demand to preserve elements of its nuclear programme as part of any settlement.
President Donald Trump simultaneously hardened Washington’s position, publicly rejecting what he described as a bad deal and ruling out immediate sanctions relief despite Tehran’s calls for economic concessions and an end to military operations. The combination of renewed strikes and failed diplomacy sent markets back into risk-off mode, pulling crude higher within a session.
Despite Thursday’s recovery, the broader weekly trend remains negative as traders weigh the probability of a diplomatic breakthrough against the consequences of prolonged conflict. Analysts say a successful agreement that normalises shipping activity through Hormuz could quickly pull Brent back into the high $80s or low $90s, eliminating much of the geopolitical premium that has kept prices elevated since the war began in late February. Conversely, any material disruption to tanker flows through the strait could push Brent back above $100.
The current price swings are feeding directly into global inflation concerns, freight and logistics costs and energy security planning across major oil-importing economies in Asia and Europe, all of which have been scrambling to diversify supply sources and build strategic reserves since the Hormuz closure began.
NewsGhana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://www.newsghana.com.gh/brent-rebounds-to-us97-as-iran-talks-stall/
