TOKYO, May 22 (Reuters) – U.S. crude futures rose more than $1 in early trade on Friday as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, with the two countries stuck in opposing stances over Tehran’s uranium stockpile and controls on the Strait of Hormuz.
A senior Iranian source told Reuters no deal has been reached with the U.S. but the gaps have been narrowed, while U.S. Secretary of State Marco Rubio said there had been “some good signs” in talks but any toll system in the strait would be unacceptable.
U.S. West Texas Intermediate (WTI) crude futures climbed as high as $98.00 a barrel and last traded up $1.20, or 1.3%, at $97.55 as of 2228 GMT. They fell about 2% on Thursday, closing at their lowest in nearly two weeks.
The benchmark was still headed for a weekly loss of over 7%.
(Reporting by Yuka Obayashi; Editing by Nia Williams)