US Oil Prices Rise Over $1 as US-Iran Peace Talks Fail to Deliver Breakthrough
Market Reactions to US-Iran Peace Talks
Early Trading and Investor Sentiment
TOKYO, May 22 (Reuters) - U.S. crude futures rose more than $1 in early trade on Friday as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, with the two countries stuck in opposing stances over Tehran's uranium stockpile and controls on the Strait of Hormuz.
Statements from Key Officials
A senior Iranian source told Reuters no deal has been reached with the U.S. but the gaps have been narrowed, while U.S. Secretary of State Marco Rubio said there had been "some good signs" in talks but any toll system in the strait would be unacceptable.
Impact on US Crude Futures
U.S. West Texas Intermediate (WTI) crude futures climbed as high as $98.00 a barrel and last traded up $1.20, or 1.3%, at $97.55 as of 2228 GMT. They fell about 2% on Thursday, closing at their lowest in nearly two weeks.
Weekly Performance Overview
The benchmark was still headed for a weekly loss of over 7%.
(Reporting by Yuka Obayashi; Editing by Nia Williams)
