Oil prices pared some gains on Thursday after President Donald Trump suspended U.S. attacks on Iranian energy infrastructure for an additional 10 days, and asserted that peace talks with the country were ongoing.
Trump had earlier said he was unsure whether he was still willing to make a peace deal with Iran. He also revealed that Iran had allowed the passage of 10 oil tankers as a gift to show they were negotiating in good faith.
Oil prices have exhibited an inverse seesaw trading pattern with equities this week, falling one day then rising the next and exerting pressure on stocks in the opposite direction.
At 16:38 ET (20:38 GMT), the futures contract expiring in May for Brent crude, the global benchmark, rose 4.9% to $107.22 a barrel, while U.S. West Texas Intermediate crude futures climbed 3.4% to $93.42 per barrel.
Prices have been highly volatile in recent weeks as the effective closure of the critical Strait of Hormuz has disrupted energy flows. Brent crude surged to nearly $120 a barrel earlier this month on fears of supply outages.
source https://www.investing.com/news/commodities-news/oil-prices-tick-higher-as-iran-reviews-us-proposal-to-end-war-4581327
