Oil prices have risen as negotiations between the United States and Iran over a peace deal and the reopening of the Strait of Hormuz hit an impasse, while Asian shares drifted on protracted uncertainty over the global inflation outlook, Reuters reports.
Brent crude futures edged up to $88.09 per barrel and US crude futures rose to $82.52, both the highest levels since July 31, after the contracts rallied roughly 5pc yesterday.
“We’re now in a bit of a Mexican standoff, if you’d like, in terms of who blinks first,” said Tony Sycamore, a market analyst at IG.
“This is going to be almost a war of attrition now,” he said.