Oil prices were marginally lower Thursday amid stalled peace talks between Iran and the United States, and continued restrictions through the Strait of Hormuz.<\/p>\n
Brandon Bell | Getty Images<\/p>\n
Oil\u00a0prices were marginally lower on Thursday after big gains in the previous session amid the stalled peace talks between Iran and the United States, and as both nations maintained restrictions on the flow of trade through the Strait of Hormuz.<\/p>\n
Brent crude futures<\/a>\u00a0fell 15 cents to $101.76 a barrel, after settling above $100 for the first time in more than two weeks on Wednesday. West Texas Intermediate futures<\/a> fell 14 cents to $92.82.<\/p>\n Both benchmarks closed more than $3 higher on Wednesday after larger-than-expected gasoline and distillate stock draws in the U.S., and over the lack of progress on peace talks.<\/p>\n While U.S. President\u00a0Donald Trump\u00a0extended a ceasefire between the countries following a request by Pakistani mediators, Iran and the U.S. are still restricting the transit of ships through the Strait of Hormuz. The Strait carried about 20% of daily\u00a0global\u00a0oil\u00a0and liquefied natural gas supplies until the\u00a0war\u00a0began at the end of February with attacks by the U.S. and Israel on Iran.<\/p>\n Iran seized two ships in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway. Trump has also maintained a U.S. Navy blockade of Iran’s trade by sea, and Iranian \u200bparliament speaker and \u200btop negotiator Mohammad Baqer Qalibaf said a full ceasefire only made sense if the blockade was lifted.<\/p>\n The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday.<\/p>\n With his extension of the ceasefire on Tuesday, Trump again pulled back at the last moment from warnings to bomb Iran’s power plants and bridges. Trump has not set an end date for the extended ceasefire, White House press secretary Karoline Leavitt told reporters.<\/p>\n