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Oil gains as investors cautious over Iran-Oman talk progress
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Adaderana Biz English | Sri Lanka Business News
Reuters - Oil prices climbed on Thursday as investors remained cautious on the outcome of Iran-Oman talks and whether they will restore flows via the Strait of Hormuz, while reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden renewed supply tensions.
Brent crude futures gained 46 cents, or 0.58%, to $79.91 a barrel by 0640 GMT.
U.S. West Texas Intermediate futures added 36 cents, or 0.48%, to $75.58 a barrel.
"The current diplomatic exchanges have merely raised hopes that tensions could ease," said Linh Tran, market analyst at XS.com.
"Risks related to military activity, maritime transportation and oil supply from the Middle East remain firmly in place."