Oil prices hit multiweek highs as Iran peace talks stall
Oil prices just hit their highest point in weeks, thanks to growing worries about supply issues in the Middle East.
On Thursday, Brent crude reached $93.81 a barrel and US oil climbed to $88.16, marking five days of steady increases as peace talks with Iran stall and exports slow down.
UAE suspends Iran transactions, shipments drop
A key shipping route, the Strait of Hormuz, is moving less oil than usual, and the UAE has suspended financial and economic transactions with Iran until further notice.
US President Donald Trump has also warned of economic consequences for countries providing support to Iran.
Even though crude stockpiles went up unexpectedly, supplies of diesel and heating oil have dropped for three straight weeks.
Analysts say prices will likely stay high while these tensions last.