Oil Prices Edge Higher as Markets Watch Iran Diplomacy

Brent crude oil, the international benchmark, rose about 0.5% Thursday to $87.36 a barrel. It had been trading at around $72 a barrel in late February, before the conflict involving Iran began.

Oil prices remain volatile as markets assess the conflict involving Iran, diplomatic efforts and uncertainty over shipping through the Strait of Hormuz.

US benchmark West Texas Intermediate crude rose 0.2% to $82.38 a barrel, CBS News reported.

Oil prices have fluctuated during the conflict as markets assess intermittent diplomatic efforts between the United States and Iran and the potential impact on supplies.

The White House said there were no direct talks underway, while Iran indicated that it was working with Oman on a temporary arrangement to reopen the Strait of Hormuz to commercial shipping.

Diplomatic efforts involving Qatar and Pakistan have also sought to revive negotiations between Tehran and Washington.

Meanwhile, the Trump administration has announced additional sanctions targeting Iran in an effort to pressure the country to reach an agreement.

The prospect of renewed diplomacy had helped ease some concerns in energy markets earlier in the week, contributing to several days of modest declines in oil prices.

However, the future of the Strait of Hormuz remains a major factor for oil markets. The waterway is a critical route for global energy shipments, and prolonged disruption could put upward pressure on crude prices.