(Bloomberg) — Oil rose, snapping a three-day decline, as Iran’s comments on uranium and the Strait of Hormuz pared earlier optimism over progress in peace negotiations with the US.
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Brent climbed above $105 a barrel, but is still down about 3% this week, and West Texas Intermediate was near $98. Iran said the latest proposal from the US partly bridged the gap between the warring sides, but comments from the Islamic Republic’s supreme leader about keeping Tehran’s uranium stockpile and a dispute over tolls in Hormuz clouded the outlook for a breakthrough.
The conflicting statements on key issues left it unclear if the two sides were any closer to a deal after renewed threats of escalation in recent days, buffeting oil prices as traders try to gauge when energy flows through the strait will fully resume.
The war and the curtailment in supplies have seen global stockpiles of crude oil and products being drawn down at a record pace, according to Goldman Sachs Group Inc.
“Should no agreement emerge between the parties to the conflict, and should passage through the Strait of Hormuz therefore remain severely restricted for the time being, stock levels will come under increased scrutiny,” Commerzbank AG analysts including Barbara Lambrecht and Carsten Fritsch wrote in a note.
The International Energy Agency remains ready to free further stockpiles if needed, after a first release in March, Executive Director Fatih Birol said Thursday.
–With assistance from Mia Gindis.
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