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  "path": "/news/2002218/oil-prices-rise-as-investors-doubt-breakthrough-in-us-iran-peace-talks",
  "publishedAt": "2026-05-22T06:00:51.000Z",
  "site": "https://www.dawn.com",
  "tags": [
    "Business",
    "uranium stockpile",
    "controls"
  ],
  "textContent": "Oil prices climbed on Friday but were on track for a weekly loss as investors doubted the prospects of a breakthrough in US-Iran peace talks.\n\nBrent crude futures rose $1.66, or 1.6 per cent, to $104.24 a barrel by 0405 GMT, while US West Texas Intermediate futures were up $1.11, or 1.2pc, at $97.46.\n\nOn a weekly basis, Brent was 4.6pc lower and WTI was down 7.6pc, with prices fluctuating sharply as expectations for a peace deal shifted.\n\nA senior Iranian source told _Reuters_ gaps with the US have narrowed and US Secretary of State Marco Rubio spoke of “some good signs” in talks, but the countries are still divided on Tehran’s uranium stockpile and controls on the Strait of Hormuz.\n\n“Oil prices would only trend lower when oil market fundamentals materially improve, which looks destined to stretch into 2027,” said David Oxley, chief commodities economist at Capital Economics.\n\nSix weeks since a fragile ceasefire took effect, efforts to end the war have shown little progress, while elevated oil prices have fuelled concern over inflation and the outlook for global economy.\n\n“WTI is likely to remain in a $90 to $110 range next week, as it has largely done since late March,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.\n\nBMI, a unit of Fitch Solutions, raised its average 2026 dated Brent price forecast to $90 from $81.50 to reflect the supply deficit, time required to repair damaged Middle East energy infrastructure, and the six-to-eight week post-conflict normalisation window.\n\nAround 20pc of global energy supplies transited the Strait before the war, which has removed 14 million barrels per day of oil — or 14pc of global supply — from the market, including exports from Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.\n\nFull oil flows through the Strait will not return before the first or second quarter of 2027, even if the conflict ended now, the head of the UAE’s state oil firm ADNOC said.\n\nSeven leading Opec+ oil-producing countries will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the US-Israel war on Iran.",
  "title": "Oil prices rise as investors doubt breakthrough in US-Iran peace talks"
}