EnergyMiddle East

Oil prices rebound as Iran tensions cloud peace deal prospects

Oil prices rebounded as tensions with Iran clouded prospects for a peace deal and shipping through the Strait of Hormuz. Saudi oil production has returned close to levels seen before the war.

Illustration: A large oil tanker crosses a calm sea under a giant mustard sun, seen from far away.
Illustration

Oil prices rose again as tensions with Iran made the outlook for a peace deal less clear. Investors are watching shipping disruption in the Strait of Hormuz, a key route in the region.

Saudi Arabia's oil production has rebounded close to its levels before the war. That recovery offers some support to supply, even as the wider situation remains unsettled.

Qatar has signaled progress on a deal with Iran, but fears in the Gulf region persist. The next steps in those talks are not set out in the material.

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