Crude oil prices climbed on global markets Thursday on reports that Iran and the United States are close to a preliminary peace agreement.
U.S. crude futures rose by about $1 a barrel in early trading.
West Texas Intermediate (WTI) crude futures gained 80 cents to settle at $95.88 a barrel, Reuters reported. The price had touched a session high of $96.33 on Wednesday.
Market analysts said the upward trend was driven by reports that Washington and Tehran are nearing an initial peace agreement.
However, Kaho Yu, head of energy and resources at risk-analysis firm Verisk Maplecroft, cautioned that oil prices and shipping traffic were unlikely to normalize until the threat of attacks in the Strait of Hormuz was fully removed.
Yu said that despite diplomatic efforts, the energy market was not yet returning to pre-crisis conditions. While talks between China and Iran may help reduce tensions, the market is watching whether the Strait of Hormuz will ultimately be reopened, he said. Actual oil supply and tanker movements in the coming months would determine whether long-term stability is returning to the Middle East. Source: Al Jazeera
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