US-Iran War LIVE: Crude oil prices can hit $200 per barrel if Hormuz chokehold continues, Wood Mackenzie report warns
US-Iran War LIVE: Iran said the latest proposal from the US partly bridged the gap between the warring sides, but comments from the Islamic Republic’s
US-Iran War LIVE: Iran said the latest proposal from the US partly bridged the gap between the warring sides, but comments from the Islamic Republic’s supreme leader about keeping Tehran’s uranium stockpile and a dispute over tolls in the Strait of Hormuz clouded the outlook for a breakthrough. Tehran is in the process of responding to a text submitted by the US, which “has narrowed the gaps to some extent,” the semi-official Iranian Students’ News Agency reported on Thursday, without saying where it got the information.
“Further narrowing requires an end to the temptation for war on Washington’s part.” While that signaled progress, a Reuters report that Supreme Leader Mojtaba Khamenei issued a directive that the country’s near-weapons-grade uranium should not be sent abroad initially sent oil prices higher. Then President Donald Trump said he opposed efforts by Iran and Oman to establish some form of permanent toll system through Hormuz. “We want it open, we want it free, we don’t want tolls,” Trump told reporters Thursday at the White House.
“It’s an international waterway. They are not charging tolls right now.” Secretary of State Marco Rubio said a toll system would make a deal with the US “unfeasible.” The conflicting statements on key issues left it unclear if the two sides were any closer to a deal after renewed threats of escalation in recent days. Oil prices swung in a wide range on Thursday as traders kept a close watch on whether peace talks would progress.
Brent crude prices were down more than 1.5% to trade below $104 a barrel after rising more than 3% earlier in the session.
The BriefWire