Oil Rises as Iran Talks Stall and Hormuz Disruptions Persist

Oil prices extended gains Thursday as stalled U.S.-Iran peace talks and continued restrictions in the Strait of Hormuz kept supply concerns elevated. Brent crude rose to $103.38 per barrel and WTI climbed to $94.36, following sharp gains the previous session. Markets are also reacting to tighter fuel inventories, Iranian seizures of ships in Hormuz, and record U.S. petroleum exports as buyers seek alternative supplies.