Oil Prices Extend Gains Amid Delays in US-Iran Talks and Restrictions in Strait of Hormuz

Oil futures extended gains on Friday, with Brent crude rising $4 per barrel to a three-week high, according to market updates. US oil prices rose above $97 per barrel as progress in peace talks between the United States and Iran appeared to slow. Brent crude prices trended higher, particularly for oil available in May and June deliveries, as diplomatic negotiations faced delays.

Ships are waiting in the Strait of Hormuz, where a standoff remains between the US and Iran, with restrictions on tanker traffic reported. Iran has restricted movement in the strait, while the US has enforced measures described in reports as a blockade of Iranian ports. The United Nations has called for the Strait of Hormuz to reopen, according to live updates from Al Jazeera.

President Trump stated that the US had canceled plans to send a team to Pakistan for negotiations, as reported by BBC News and Semafor. This decision halted a second round of peace talks scheduled for the weekend in Islamabad. Vice President JD Vance, who was set to travel to the Pakistani capital, stayed in Washington.

Pakistan has become a key player in the US-Iran discussions, shifting from its previous status in regional diplomacy, as detailed in a report from The Hill. Trump is reviewing a peace plan, according to Al Jazeera's live coverage, and has extended the ceasefire with Iran amid the delays.

Iran has offered a deal on the Strait of Hormuz without linking it to nuclear talks, aiming for broader buy-in from regional and global players, as reported by Al Jazeera. Indirect US talks with Iran remain uncertain, with Tehran expanding its diplomatic outreach. Hezbollah has rejected a ceasefire in Lebanon, contributing to regional tensions, according to CBS News updates.

The restrictions and standoff in the strait have led to supply concerns, driving higher costs in energy markets. Oil prices continue to rise as the US and Iran appear locked in a stalemate, with no immediate resolution indicated in available reports. No publicly released statements from Iran's foreign ministry on the blockade were included in the sourced updates as of the latest reports.