Oil hit $110 for the first time in three weeks on Tuesday as the US and Iran appeared to make little progress towards a peace deal that would unlock energy supplies through the Strait of Hormuz.
Brent crude, the international oil benchmark, rose more than 2 per cent to $110.64 a barrel. West Texas Intermediate, the US benchmark, gained 2.2 per cent to hit $98.47 a barrel.
The White House said on Monday that US officials were discussing Iran’s latest proposal, which has not been made public, but maintained “red lines” on any deal to end the eight-week war, including preventing Tehran from obtaining a nuclear weapon.
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