Oil Prices Rise as Iran Peace Talks Stall

Oil prices rose as negotiations toward a potential United States-Iran agreement remained unresolved. Reports from BBG Arabiya and Al Hadath outlined the text of a possible agreement that would require approval.

The proposed terms include an immediate, comprehensive, and unconditional ceasefire across all fronts. The plan also calls for a halt to military operations and measures to ensure freedom of navigation in the Arabian Gulf, the Strait of Hormuz, and the Sea of Oman. A joint mechanism for monitoring and resolving disputes would be established under the agreement.

Separately, Ukraine and its allies expressed growing confidence that Russia's military operation is losing momentum. China launched a campaign against illegal cross-border trading, with regulators threatening penalties for non-compliant brokers. China also imposed new export controls on certain chemical ingredients shipped to the United States, Mexico, and Canada.

The substances are used in manufacturing illicit fentanyl. Japan's core consumer price index rose 1.4 percent in April from a year earlier, marking the slowest pace in four years.