MARKET NEWS

(Bloomberg) -- Oil inched higher as attempts to resolve the seven-week conflict between the US and Iran struggled, and Iranian gunboats opened fire on vessels near the critical Strait of Hormuz waterway.

Brent futures climbed towards $100 a barrel in London, after falling earlier when Iran said it received “some sign” that the US was willing to end its blockade, opening the path for talks. Washington and Tehran remain deadlocked.

Iranian gunboats fired on a cargo ship and a container ship in the strategic waterway, according to UK Maritime Trade Operations, a naval liaison with the shipping industry. A third vessel had been targeted, according to the Wall Street Journa. The attacks are the latest in a series of maritime incidents sparked by the conflict.

Traffic through Hormuz, a vital artery that normally carries about one fifth of global crude flows, remains at a near halt. Volatility has soared to its highest since 2020, when the Covid pandemic sapped demand.