Financial Wire

Crude Oil Prices Rise as Market Expects Continued Supply Disruptions Despite U.S.-Iran Talks

-- Crude oil prices rose on Thursday as the war in the Middle East is expected to continue despite peace talks between the U.S. and Iran and the possibility of a two week ceasefire extension.

Brent crude at last look had gained 1.4% to US$96.28/barrel while West Texas Intermediate crude was up 1.2% to $92.42/barrel. U.S. and Iranian officials consider returning to Pakistan for further talks as early as this weekend, Reuters said in a Thursday report.

The Strait of Hormuz remains effectively closed and the U.S. blockade on Iranian ports is expected to exacerbate supply disruptions, the report said.

"We remain sceptical of any immediate solving of this war," Reuters quoted PVM oil market analyst John Evans as saying. "Pick any headline and there is always a counter."

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