The price of oil reacts to disturbing news regarding US talks with Iran. Brent crude futures are up more than 4% on Tuesday evening. and they are approaching $100. per barrel. Markets are focused on potential US-Iran talks, with both sides still at an impasse just before the ceasefire expires. Washington and Tehran have failed to agree on fundamental issues, including when the ceasefire actually ends.
Donald Trump announced that he would extend the truce until Wednesday evening, Washington time (night from Wednesday to Thursday, Polish time). This is a 24-hour delay from the original deadline.
However, Iranian state television reported that the ceasefire ends at midnight GMT from Tuesday to Wednesday (2:00 a.m. from Tuesday to Wednesday, Polish time).
See also: Donald Trump is confident, the Iranians do not give up. Tension is growing before the end of the truce
The US and Iran are at an impasse
Iran has not confirmed its participation in the negotiations in Pakistan. Divergences remain on key issues such as access to the Strait of Hormuz. Another controversial issue is, among others, US blockade of Iranian ports.
Donald Trump announced that the United States may resume military operations if no agreement is reached.
US Vice President JD Vance, who was to head the US delegation during the talks in Pakistan, is still in Washington. As reported by the New York Times on Tuesday, JD Vance's departure to Pakistan was suspended because Tehran did not respond to the American negotiating position.
The price of oil is rising. The US and Iran are at an impasse
On Tuesday after 7 p.m. the price of oil Brent ranges between $98 and $100. per barrel.
Oil prices remain volatile. They fell sharply on Friday after Iran briefly opened the Strait of Hormuz. but he quickly changed his mind.
It escalated over the weekend. The U.S. Navy fired on an Iranian container ship in the Gulf of Oman on Sunday, and marines later seized the ship. The US seizure of the ship came after Iran attacked the tanker in the Strait of Hormuz on Saturday.
Currently, there is almost complete paralysis of traffic in the Strait of Hormuz, where only a few ships pass through.
See also: There is no end to the crisis in sight. 500 million barrels disappeared from the market
Iran's Foreign Minister Abbas Araghchi said on Tuesday that the US blockade of Iranian ports was an “act of war” and a violation of the ceasefire.
