Oil climbs toward $108 as Hormuz talks with Iran are postponed
Oil prices rose toward $108 a barrel, with Brent up about 3.5% at market open, after Gulf states postponed a crunch meeting with Iran on managing the Strait of Hormuz. The delay, tied to a lack of consensus among Gulf partners, postpones efforts to reopen shipping through the chokepoint amid broader regional tensions, including Iran’s shipping restrictions and attacks on energy infrastructure in the region. The Oman‑led discussion and wider diplomacy remain fragile as the US‑Iran standoff persists.