Brent oil price hovers near $95 as Rubio says U.S. will ‘continue to protect shipping’ in Hormuz

Oil prices were about 4% higher on Wednesday morning following the eleventh consecutive round of U.S. strikes against Iran overnight, as Secretary of State Marco Rubio said the Strait of Hormuz remains a sticking point between the two sides.

Brent crude futures, the international benchmark, traded about 4% higher at $94.76. U.S. West Texas Intermediate crude futures were up 3.9% to trade at $87.61.

Speaking to reporters at the ASEAN Foreign Ministers’ meeting in the Philippines on Wednesday, U.S. Secretary of State Marco Rubio said Washington remains willing to negotiate an end to the war.

“The U.S. would love to reach a diplomatic settlement, we’d love to reach an agreement if it were possible with Iran … where they say we’ll no longer sponsor terrorism and we will not pursue a nuclear weapon or the things that you need for a nuclear weapon,” he said.

But he also said that “right now they don’t seem to be serious” about making a deal, adding that Tehran had made commitments in the Memorandum of Understanding reached last month, “and within two weeks violated it.”

“You make a deal and then you violate the agreement, [then] that agreement’s no longer valid,” Rubio said. “That doesn’t mean you can’t have a future agreement, but ultimately that future agreement will have to be judged on whether or not you’re complying with the conditions. And that deal called for the opening of the [Strait of Hormuz’s] free and fair navigation.”