Oil Rises Steadily Above $102
2- 23.04.2026, 11:30
- 1,144
No progress toward peace talks in the Middle East is in sight.
Oil prices continued to rise on Thursday, with a new round of peace talks between Iran and the United States still not visible on the horizon, and despite U.S. President Donald Trump extending the truce, warships from both sides are still blocking trade flows through the Strait of Hormuz, writes The Moscow Times.
Brent crude futures rose 0.69% to $102.64 per barrel today. On Wednesday, the benchmark closed above $100 a barrel for the first time in more than two weeks. North American WTI rose 0.76% to $93.67 per barrel. Official data on a sharp decline in U.S. gasoline and distillate inventories the previous day pushed oil quotes up more than $3 a barrel.
"Traders are revising their expectations due to the lack of signs of a settlement in the Persian Gulf," ING analysts wrote.
"In addition, Iran's seizure of two ships attempting to pass through the Strait of Hormuz indicates that supply disruptions are likely to continue." Iran's Islamic Revolutionary Guard Corps navy detained the two container ships on Wednesday.
The parliamentary speaker leading Iran's delegation to the talks - Mohammad Bagher Ghalibaf - said a complete cease-fire only makes sense if the U.S. naval blockade is lifted.
Sources said the U.S. military intercepted at least three Iranian-flagged tankers in waters near India, Malaysia and Sri Lanka on Wednesday.
Total U.S. exports of crude oil and petroleum products jumped 137.000 bpd to a record 12.88 million bpd, statistics showed - a sign that oil importers around the world are turning to U.S. crude as they can't get Middle Eastern cargoes. USOILC=ECI U.S. crude inventories rose 1.93 million barrels to 465.73 million barrels in the week ended April 17, the Energy Information Administration said Wednesday, contrary to expectations.
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