Global crude oil prices climbed sharply on Thursday after Iran signalled that it is not engaged in direct negotiations with the United States to de-escalate the ongoing conflict, dampening hopes of an immediate ceasefire.
Brent crude rose 1.21 per cent to $103.46 per barrel, while US West Texas Intermediate (WTI) gained 1.35 per cent to $91.54 per barrel. The spike follows comments by Abbas Araghchi, who clarified that indirect exchanges between Tehran and Washington should not be seen as formal negotiations. Iran is also expected to reject a US-backed ceasefire proposal, further intensifying uncertainty in the region.
The rally comes a day after oil prices had declined on optimism around a possible ceasefire in West Asia. However, renewed geopolitical concerns have reversed that trend, pushing prices back above the $100 mark..
In a key development, Iran has said it will allow vessels from select “friendly” nations to pass through the Strait of Hormuz, a critical global oil transit route. India, along with Russia, China, Pakistan and Iraq, has been granted safe passage despite the ongoing tensions.
However, ships linked to adversarial nations — including the United States and Israel — as well as certain Gulf countries involved in the conflict, may face restrictions, raising concerns over potential disruptions to global oil supply chains.
-IANS
