(RTTNews) - Oil prices continued to surge on Thursday amid the continued closure of the critical Strait of Hormuz. The upside was also supported by EIA data revealing declines in U.S. inventories across key refined products.
Brent crude futures traded up 1.7 percent at $103.60 a barrel, extending gains for the fourth straight session as diplomatic efforts between the U.S. and Iran showed little progress. WTI crude futures were up 1.8 percent at $94.60.
In a significant escalation of the Middle East conflict, Iran seized two cargo ships seeking to exit the Gulf via the vital global oil route and warned that the U.S. and Israel will not achieve their goals 'through bullying.'
Parliamentary Speaker Mohammad Bagher Ghalibaf said that there can be no full ceasefire between the two countries if the U.S. naval blockade on Iranian ports persists.
Meanwhile, a senior Iranian parliament official said that Tehran has deposited the first revenue from tolls on the strategic Strait of Hormuz into the Central Bank account.
The Pentagon has reportedly informed the U.S. Congress that clearing mines allegedly positioned by the Iranian military could take up to six months.
Tehran said it remains open for negotiations, but the Strait of Hormuz cannot be opened due to "the blatant violations of the ceasefire" by the U.S. and Israel.
In a post on X, Iran's chief negotiator said the U.S. naval blockade of Iranian ports amounted to taking the global economy "hostage" and "warmongering" by Israel "on all fronts."
U.S. President Trump also signaled a firm stance, saying there can be no compromise on "sanity and common sense" in dealing with Iran.
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