Crude oil prices have climbed again as diplomatic efforts to end the US-Iran war show little concrete progress, keeping concerns over global oil supplies and the Strait of Hormuz firmly in focus.

Brent crude is now trading at around $105.30 per barrel, while West Texas Intermediate (WTI) has reached $94.26 per barrel, with both benchmarks remaining elevated amid continued uncertainty over the war and efforts to reopen the key shipping route.

Oil prices had fallen earlier as markets responded to signs that Iran was open to diplomacy and that more crude could move through Saudi Arabia’s East-West pipeline and the Strait of Hormuz.

However, the latest developments have reduced expectations of a quick end to the war. Reuters reported that oil prices extended gains on Thursday as US-Iran diplomatic efforts showed little concrete progress.

Iran has indicated that it is willing to pursue diplomacy, but Tehran and Washington remain divided over the terms for ending the war. Iran’s proposals include lifting the US naval blockade on its ports and reopening the Strait of Hormuz.

The Strait remains particularly important for global energy markets because any prolonged disruption to oil shipments through the route could keep supply concerns elevated.

The latest price movement also comes after crude benchmarks jumped around 4 percent in the previous session. Markets are now weighing the possibility of a diplomatic breakthrough against the continued military and geopolitical risks surrounding the war.

Saudi Arabia’s East-West pipeline has provided some relief to the market by allowing additional oil flows outside the Strait of Hormuz. However, traders remain focused on whether normal shipping through the Strait can be restored and whether the US and Iran can agree on terms to end the war.

For Pakistan, sustained crude prices at these levels could add pressure to domestic fuel costs, particularly if the increase persists through the pricing period used to determine local petrol and diesel prices.