Brent crude futures gained 2.4% to $100.35 per barrel at 0830GMT on Thursday, reversing earlier losses as markets priced in the fragility of US-Iran talks aimed at ending the war that has disrupted Middle East energy flows, according to Anadolu Agency.
US benchmark West Texas Intermediate rose 2.45% to $92.62 during the same session. Investors balanced indications of improving regional shipments against fears that the recovery could stall without a durable agreement to halt the conflict.
The Strait of Hormuz — the chokepoint for global oil traffic — has remained central to diplomatic calculations since hostilities began. Iranian government spokesperson Fatemeh Mohajerani said on Wednesday that authorities in Tehran had received Washington's reply to a fresh proposal delivered via Qatari mediation. Tehran's stated conditions for any deal include ending hostilities on all fronts including Lebanon, lifting the US naval blockade and releasing frozen Iranian assets.
Seven OPEC+ producers held October output targets steady at September levels, signaling the priority of supply policy alongside diplomatic developments. The decision to maintain production comes as the alliance weighs volatile prices against the uncertain timeline for resolving the conflict that has threatened regional energy infrastructure.
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