Oil prices extend gains after US denies Iran talks

Global oil prices continued to climb on Thursday, supported by US assurances that no talks are taking place with Iran, amid ongoing tensions and concerns over crude supplies in the region, according to CNBC.

Brent crude futures rose by around 1.9%, while US West Texas Intermediate futures gained 1.4%, as fears grew over the impact of geopolitical tensions on global oil supply.

Markets are closely monitoring developments between the United States and Iran, given the sensitivity of energy markets to any changes that could affect trade flows and crude supplies, particularly in the Middle East.

The price increase comes as markets continue to assess the potential impact of political and security developments on supplies, amid notable volatility in oil prices.