OIL TOUCHES 2-WEEK HIGH – Efforts to end the U.S.-Israeli war on Iran appeared to have stalled
Oil prices extended gains today as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed 1.32%, to $110.70 a barrel after touching the highest since May 5 earlier in the session. U.S. West Texas Intermediate was at $107.26 a barrel, up 1.75%, following a rise to its highest level since May 4.
Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help resolve the conflict.
