Oil climbs over 1% on US-Iran talks hopes

Oil prices rose by more than 1% today due to hopes of resuming negotiations between the United States and Iran, following military escalation in the region where Washington carried out strikes against Iran and Iran targeted some countries in the area. Brent crude increased by $1.32 to reach $89.42 per barrel, the highest since June 11, while West Texas Intermediate rose by $1.07 to $83.85, the highest since June 12. An Iranian official stated that a proposal to halt the escalation was aimed at reviving a temporary agreement, which eased concerns over potential oil supply disruptions.

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