Brent crude oil prices top $100 as US awaits Iran's response on peace talks

Oil prices rebounded Thursday morning, with Brent crude trading back above $100 after the White House said it was awaiting a response from Iran to move forward with potential second-round peace talks. These talks were initially planned for last weekend.

Futures on Brent crude, the international benchmark, and US benchmark West Texas Intermediate (WTI) crude both rose roughly 1.3% to trade above $103 per barrel and $94 per barrel, respectively.

Since Tuesday, the US and Iran have settled into a near stalemate over the Strait of Hormuz. On Tuesday night, President Trump said he was unilaterally extending the war’s two-week ceasefire indefinitely at the request of Pakistan. Tehran has said it will not negotiate while a US naval blockade of the strait, the world’s most critical waterway for energy flows, remains in place.

The US also canceled travel by Vice President JD Vance, special envoy Steve Witkoff, and the president’s son-in-law Jared Kushner to Islamabad on Tuesday.