Brent crude oil prices have stayed above $110 a barrel amid soaring tensions between the United States and Iran over the Strait of Hormuz and the prevailing deadlock in nuclear negotiations.
Brent crude futures for July rose $1.19, or 1.08 per cent, to $111.59 a barrel by 0149 GMT, while West Texas Intermediate futures were up 39 cents, or 0.37 per cent, to $105.46 in early trade on Friday.
Both benchmarks are expected to rise further in the coming days since both Iran and the United States remain firm on their demands.
On Thursday, crude oil climbed to $126.41 a barrel, the highest level since March 2022.
Oil prices have steadily risen over the past two months due to the ongoing war with Iran.
Estimates suggest that prices rose more than 50 per cent in March alone.
While there is a ceasefire in place between the two countries, the deadlock over the nuclear issue has continuously stalled possible negotiations.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said, “Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very realistic.”
Earlier in the day, a senior official of Iran’s Revolutionary Guards had threatened “long and painful strikes” on US positions if Washington renewed attacks on Iran, pushing oil prices to intraday peaks before retreating.
Also read: Brent crude surges past $120 per barrel
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