Oil up 1.5% on Iran deal hopes

Oil prices rose by 1.5% this morning, with Brent reaching $85 and West Texas Intermediate up to $81 per barrel, due to geopolitical uncertainty in the Middle East and the Strait of Hormuz. The price increase comes amid conflicting statements regarding negotiations with Iran, as the U.S. president reiterated that his proposal is the "last chance" to reach an agreement, while Iran denied any direct talks, focusing instead on progress in negotiations with Oman to increase vessel passage through the strait. Markets remain watchful of potential negotiation outcomes, with a sharp decline likely if an agreement is reached that reopens the strait and restores maritime traffic and exports.

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