A pump jack is seen in a area on March 18, 2026 in Pecos, Texas.
Brandon Bell | Getty Pictures
Oil costs rose Thursday after Iran signaled it had no intention of holding direct talks with the USA, whilst a U.S. proposal to finish the warfare is beneath evaluate by senior officers in Tehran, in response to remarks from the Islamic Republic’s international minister.
Worldwide benchmark Brent crude futures added 1.21% to $103.46 per barrel, whereas U.S. West Texas Intermediate futures climbed 1.35% to $91.54 per barrel.
Iranian Overseas Minister Abbas Araghchi informed state media on Wednesday that exchanges between the 2 international locations by way of mediators don’t imply “negotiations with the U.S.,” Reuters reported.
Iranian state media reported that Tehran would reject a U.S. ceasefire supply and had as an alternative laid out its personal situations for ending the battle.’
The most recent feedback got here as Washington and Tehran continued to supply differing accounts of the standing of talks.
Trump stated Tuesday the U.S. and Iran are “in negotiations proper now” and recommended Tehran is raring to make a deal, even because the Islamic Republic has denied any direct talks. Talking within the Oval Workplace, Trump stated he had backed off from earlier threats to strike Iranian power infrastructure “primarily based on the actual fact we’re negotiating.”
Analysts at funding financial institution TD Securities stated the most recent oil shock is unlikely to set off an aggressive coverage response from the Federal Reserve.
Whereas markets have begun pricing within the danger of fee hikes amid elevated inflation expectations, TD stated the Fed is extra more likely to stay in a “wait and see” mode, with its management nonetheless leaning towards fee cuts later in 2026.
“The Fed will look by way of the power shock” as long as longer-term inflation expectations stay anchored and second-round results keep contained, the financial institution added.
