SerpApi.Org
- Oil prices rose Wednesday as the conflict in the Middle East escalates.
- U.S. forces carried out the eleventh consecutive evening of strikes on Iran.
- U.S. Secretary of State Marco Rubio said Iran does not appear to be serious about reaching a deal to end the fighting.
Oil prices rose Wednesday after U.S. Secretary of State Marco Rubio said Iran was not serious about reaching a deal to end the fighting, and vowed the U.S. military would continue to protect shipping through the Strait of Hormuz.
Brent crude futures, the international benchmark, traded about 2.5% higher at $93.32. U.S. West Texas Intermediate crude futures were up 2.3% to trade at $86.31.
Speaking to reporters at the ASEAN Foreign Ministers' meeting in the Philippines on Wednesday, 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," Rubio said. But the Iranians "don't seem to be serious" about making a deal, he said.
Tehran made commitments in the memorandum of understanding reached last month and "within two weeks violated it," Rubio said. U.S. forces will continue to defend transit through Hormuz, Rubio said.
"We're going to continue to protect shipping, we think other countries should join us in that endeavor," he said. "The president has many options available to him if they continue to insist on not being cooperative."
President Donald Trump told reporters Tuesday that Iran "desperately" wanted to resume talks, but Washington had "no interest" until Tehran showed willingness to engage "in a meaningful way."
The U.S. military, meanwhile, carried out its eleventh consecutive night of strikes against Iran. The strikes targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure, U.S. Central Command said.
Rubio said Wednesday that the strait — a critical shipping route for oil and other vital commodities — remains a sticking point in bilateral talks, alleging that Iran "demands the right" to control the waterway. Allowing this to happen would set "a very dangerous precedent" for the world, he added.
Oil supply risks are mounting as hopes for a temporary ceasefire between the U.S. and Iran have faded, analysts at ING said in a note Wednesday.
"The disruptions facing the market don't end in the Middle East," the analysts said. "In the Black Sea, Russia's CPC terminal has stopped receiving oil from Kazakhstan, with loadings suspended following ongoing attacks on tankers," they noted.
