Oil rises more than 2%, Brent settles near $90
Drilling rigs
Oil prices settled higher in Thursday’s trading after reports said US President Donald Trump does not want to return to the terms of the memorandum of understanding (MoU)signed with Iran in June.
People familiar with the matter told the Wall Street Journal that the Trump administration has repeatedly told mediators that it is not interested in reviving the June agreement, complicating intensive diplomatic efforts this week to restart negotiations between the two sides.
Washington earlier today confirmed that it is not holding talks with Iran, despite efforts by other countries to bring the two sides back to the negotiating table. The developments prompted oil prices to end a three-session losing streak.
Meanwhile, a senior Iranian official told Reuters that Iran and Oman are working to finalize the details of an agreement concerning the Strait of Hormuz.
|
Benchmark Crude Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
% Change |
|
Brent (October delivery) |
89.70 |
1.86 |
+2.12% |
|
NYMEX (October delivery) |
83.53 |
1.30 |
+1.58% |
*Thursday, Aug. 27, 2026 settlement.
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