Oil prices gained more than 3% on Friday, climbing more than $3 a barrel, after comments by U.S. President Donald Trump and Iran's foreign minister further dented hopes of a deal to
Oil prices gained more than 3% on Friday, climbing more than $3 a barrel, after comments by U.S. President Donald Trump and Iran's foreign minister further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz.
Brent crude futures gained $3.35, or 3.17%, to $109.07 a barrel by 12:34 p.m. CDT (1734 GMT). U.S. West Texas Intermediate futures were up $3.85, or 3.81%, at $105.02.
Over the week, Brent has climbed 7.72% and WTI 10.11% on uncertainty over the shaky ceasefire in the Iran war.
"The tone between the U.S. and Iran has once again become significantly more confrontational. While the ceasefire holds, hopes for a swift reopening of the Strait of Hormuz have faded," Commerzbank analysts said.
Iran has "no trust" in the United States and is interested in negotiating only if Washington is serious, Foreign Minister Abbas Araqchi said on Friday, adding that Iran is prepared to go back to fighting but also prepared for diplomatic solutions.
Trump said he is running out of patience with Iran and that he has agreed with Chinese President Xi Jinping that Iran cannot be allowed to have a nuclear weapon and must reopen the Strait
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