Oil prices climb after President Trump declines Iran ceasefire revival
Business
Oil prices climbed on Thursday after President Trump decided not to revive a ceasefire deal with Iran, sparking fresh worries about the world's oil flow.
The Strait of Hormuz, where almost one in five barrels of global oil pass through, is now under even more strain, pushing West Texas Intermediate up to $84 a barrel and Brent crude up by over 2%.
US stance stalls Iran-Oman de-escalation talks
With the US holding firm on sanctions and a naval blockade, hopes for an Iran-Oman deal to ease tensions have faded.
Talks between Qatar and Iran have not led to any quick fixes either, so the risk of disruptions or attacks in this vital shipping route is keeping energy markets on edge.