Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump's administration.
The Houthi attacks on Red Sea shipping that began in late 2023 never really ended. Even after tentative ceasefire arrangements in 2025, traffic through the Red Sea and Suez Canal remained structurally depressed.
The lack of a breakthrough in the US-China trade dispute could lead to US restrictions on semiconductor exports, threatening billions in American corporate sales.