The US has confirmed there are no ongoing negotiations with Iran, as the Trump administration maintains economic pressure and a naval blockade. The White House stated that all options remain on the table, reflecting the continued tension between the two nations.
Oil prices rose on Thursday as investors assessed the impact of the ongoing conflict on global supplies. Brent crude futures increased by 1.32%, while West Texas Intermediate crude gained 0.63%. The market had previously seen declines as traders considered the potential for increased oil output if diplomatic efforts succeed.
Iran is struggling to sustain trade amid the US's threat to sanction countries that continue financial dealings with the Islamic Republic. The country's economy is under strain from high inflation, Western sanctions, and reduced oil revenue due to the war. The Trump administration is reportedly pressuring other nations to cut ties with Iran, further complicating the situation.
Diplomatic efforts have seen some movement, including a temporary agreement in the Strait of Hormuz and visits by foreign leaders. However, the lack of progress in direct talks between Washington and Tehran continues to fuel uncertainty in the region.
