Brent crude jumped more than 3% after Israeli broadcaster N12 reported that Iran's lead negotiator in talks with the United States resigned, fueling fresh concerns about escalating tensions, CNBC reported.
According to the report, Iranian Parliament Speaker Mohammad Bagher Ghalibaf stepped down due to trepidations over growing interference from Islamic Revolutionary Guard Corps generals, specifically the blocking of a Qatari proposal aimed at easing tensions in the Strait of Hormuz.
Brent crude climbed to $104.79 a barrel by 2:05 p.m. ET, while West Texas Intermediate rose more than 3% to $95.95 a barrel.
Oil prices have been rising as the U.S. and Iran maintained restrictions on the flow of trade through the Strait of Hormuz.
The Strait carried about 20% of daily global oil and liquefied natural gas supplies until the war began at the end of February with attacks by the U.S. and Israel on Iran.
Iran seized two ships in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway.
President Donald Trump has also maintained a U.S. Navy blockade of Iran's trade by sea, and Iranian Parliament speaker Ghalibaf said a full ceasefire only made sense if the blockade was lifted.
The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia, and Sri Lanka, shipping and security sources said Wednesday.
With his extension of the ceasefire Tuesday, Trump again pulled back at the last moment from warnings to bomb Iran's power plants and bridges. Trump has not set an end date for the extended ceasefire, White House press secretary Karoline Leavitt told reporters.
Reuters contributed to this report.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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