Oil prices rose after Iran declined to meet U.S. envoys, increasing tensions and weakening prospects for a ceasefire. The move comes after earlier price drops tied to reduced conflict.
Oil prices increased as Iran's refusal to meet with U.S. envoys raised tensions and hurt hopes for maintaining a fragile ceasefire.
Prices had declined recently following de-escalation in conflicts. Analysts are now revising their forecasts in light of the new developments.
U.S. crude and gasoline inventories fell last week. Markets are awaiting the release of official government data.
Tanker traffic through the Strait of Hormuz is recovering, which has eased some concerns over potential supply disruptions.
