Oil turns positive on report Iran rejects US proposal for Strait of Hormuz
FILE PHOTO: A drone view of drilling rigs in Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo
NEW YORK, May 7 : Oil prices turned positive in volatile trade on Thursday after a report said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan.”
Brent crude futures rose 71 cents, or 0.7 per cent, to $101.98 per barrel at 1:36 p.m. EDT (1736 GMT), while U.S. West Texas Intermediate crude rose $1.62, or 1.7 per cent, to $96.70.
Earlier in the session, both benchmarks were down over $5 a barrel.
A senior Iranian official said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan” and then exit the war without paying any reparations “for all the damage inflicted on Iran,” the Wall Street Journal said, citing Iran’s state broadcaster Press TV.
