Oil prices have extended gains after climbing 4pc in the previous session as diplomatic talks between the United States and Iran showed no concrete sign of progress, Reuters reports.
Brent crude futures rose 43 cents, or 0.4pc, to $103.51 a barrel at 11:30am PKT, while West Texas Intermediate futures climbed 35 cents, or 0.4pc, to $92.51 a barrel.
The benchmarks fell in Asian morning trade but later rebounded as investors struggled to find a clear direction amid the geopolitical deadlock.
Iran and the US remain divided over how to bring an end to their war, but diplomacy must continue, a senior Iranian official told Reuters, after Iran’s president told the UN General Assembly that Tehran would never surrender to US pressure.
The official said Tehran was reviewing Washington’s response to its peace proposals, which prioritise lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz.
