Oil prices rise as investors doubt breakthrough in US-Iran peace talks

Oil prices climbed on Friday but were on track for a weekly loss as investors doubted the prospects of a breakthrough in US-Iran peace talks. Brent crude futures rose $1.66, or 1.6%, to $104.24 a barrel by 0405 GMT, while US West Texas Intermediate futures were up $1.11, or 1.2%, at $97.46. On a weekly basis, Brent was 4.6% lower and WTI was down 7.6%, with prices fluctuating sharply as expectations for a peace deal shifted. A senior Iranian source told Reuters gaps with the US have narrowed and US Secretary of State Marco Rubio spoke of “some good signs” in talks, but the countries are still divided on Tehran’s uranium stockpile and controls on the Strait of Hormuz.