PiCK

Oil Rises for a Third Day as US-Iran Talks Stall, Brent Near $111

Source

Suehyeon Lee

Summary

International oil prices extended gains for a third straight session amid a deadlock in talks between the US and Iran, with Brent crude nearing $111 a barrel.
Oil shipments through the Strait of Hormuz have yet to return to normal levels, while the US government's decision not to extend a sanctions waiver for Russian crude added to supply concerns.
The market is watching for further gains in oil prices as the lack of progress in US-Iran talks to end the conflict coincides with tighter US measures on Russia.

Forecast Trend Report by Period

International oil prices rose for a third straight session as talks between the US and Iran remained deadlocked.

Bloomberg reported on May 17 that Brent crude was nearing $111 a barrel, while West Texas Intermediate topped $107. Brent has climbed about 8% over the past week alone.

Traders are focused on persistent supply risks as talks between Washington and Tehran aimed at ending the conflict show no sign of progress.

President Donald Trump wrote on Truth Social on May 17 that Iran does not have much time left. If it does not move quickly, "there will be nothing left," he wrote.

Reports said the summit between the US and Chinese leaders produced no specific agreement on reopening the Strait of Hormuz. Oil shipments through the waterway also have yet to return to normal levels.

Supply concerns have also deepened after the US government did not extend a sanctions waiver tied to sales of Russian crude.

Trump also held a weekend meeting on the Iran war with Vice President JD Vance, Secretary of State Marco Rubio and CIA Director John Ratcliffe, according to reports.

In an interview with Axios, Trump said the US wants a deal. But Iran has not yet reached the level Washington is seeking, he added. Otherwise, it will suffer a major blow.