The price of Brent crude oil briefly hit $95 on Wednesday for the first time in six weeks, as conflict in the Middle East continues. U.S. Secretary of State Marco Rubio has said Iran isn’t serious about reaching a deal to end the fighting, and echoed President Trump’s warning that the US has plenty of options should Iran not cooperate in an agreement.
Speaking to reporters at the ASEAN Foreign Ministers’ meeting in the Philippines on Wednesday, Rubio said Washington remains willing to negotiate an end to the war. “The U.S. would love to reach a diplomatic settlement; we’d love to reach an agreement if it were possible with Iran,” Rubio said. But the Iranians “don’t seem to be serious” about making a deal, he said.
In addition to Rubio’s comments, the U.S. military carried out its eleventh consecutive night of strikes against Iran. The strikes targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure, U.S. Central Command said. As hopes for a ceasefire between the US and Iran dwindle, the total re-opening of the Strait of Hormuz is also uncertain. On Monday, only 13 ships crossed the vital waterway, and on Tuesday that number was only 9, according to an analysis of ship movements by MarineTraffic.
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Furthermore, oil prices are beginning to creep back up to levels seen in the Spring shortly after the US-Iran war started. While Brent is widely considered the international oil benchmark, it also influences the retail cost of gas in the U.S. Those pump prices rose again Wednesday, extending their climb above $4 per gallon. The national average price rose 4 cents overnight to $4.06 per gallon, according to motor club AAA data.