Oil Back Over $105 as Traders Skeptical on Hormuz Peace Hopes
Brent crude rose 3.2% to $105.88 a barrel Friday as traders doubted a swift U.S.-Iran deal would restore oil flows through the Strait of Hormuz. U.S. Secretary of State Marco Rubio said talks stalled over Iran’s plan to charge ships. Iranian leaders refused to send highly enriched uranium abroad. The International Energy Agency warned of a possible supply “red zone” by August if Hormuz remains restricted.