Texas oil rises 2.55% as US-Iran deal prospects fade

Texas crude oil rose 2.55% to $88.74 per barrel on Thursday after President Donald Trump stated the U.S. no longer needs a peace agreement with Iran, reducing prospects for a diplomatic resolution. Trump's comments cooled dialogue efforts, as Vice President JD Vance reportedly considered in-person talks with Iranian officials to restart stalled peace negotiations, according to The Wall Street Journal. The eight-month U.S.-Israel war against Iran has disrupted supply chains and fueled fuel price increases. The price increase follows earlier declines this week when Trump called the war "practically finished militarily." U.S. commercial crude reserves rose by 4.7 million barrels to 414.4 million barrels last week, according to the Energy Information Administration.