Oil prices rose on Thursday as traders assessed global supply risks amid ongoing tensions in the Middle East. The increase followed a lack of progress in diplomatic efforts to ease regional conflicts, with investors closely watching developments. Brent crude futures climbed 1.32% to $89 a barrel, while West Texas Intermediate crude gained 0.63% to $82.75.
Qatar’s Prime Minister met Iranian officials to discuss ways to de-escalate regional tensions, according to the foreign ministry. The meeting comes amid continued fighting in Yemen, where forces reported a fighter killed on the Taiz front lines against Houthi rebels. The talks aim to address broader security concerns and stabilize the region.
The U.S. Confirmed it was not currently in direct talks with Tehran, despite diplomatic efforts by other nations. This lack of progress has contributed to market uncertainty, with investors concerned about potential disruptions to oil supplies. The situation remains fluid, with no immediate resolution in sight.
The ongoing conflict and diplomatic stalemate continue to impact global energy markets, highlighting the interconnectedness of regional stability and international trade.
