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After Iran said it had again restricted transits through the Strait of Hormuz, Brent crude pushed above $80 and ship-tracking data showed unusually thin traffic. The U.S.-Iran technical talks in Geneva continue as part of efforts to preserve the fragile ceasefire.
The United States and Iran agreed a 60-day roadmap toward a final deal in the first round of negotiations under a memorandum of understanding signed last week. The two sides also said they had agreed to end military operations in Lebanon, extending a fragile ceasefire by 60 days. The Geneva talks, mediated by Qatar and Pakistan, mark the most concrete de-escalation step in months.
Iran's Revolutionary Guards announced the closure of the Strait of Hormuz to all shipping ahead of weekend US-Iran technical talks in Switzerland, CNBC reported. Crude oil prices jumped and the dollar slipped as traders priced in supply risk. US military officials said the strait remained open to commercial transit.