Brent Oil Tops $105 After Iran Negotiator Resignation Report

Brent crude oil prices rose sharply, exceeding $105.50 per barrel, following an unconfirmed report from Israeli broadcaster N12. The report stated that Iran's parliament speaker, Mohammad Bagher Ghalibaf, resigned from the high-level negotiating team due to alleged interference from the Revolutionary Guard. While CNBC has not verified this information, the news fueled market apprehension regarding a potential hardening of Iran's negotiating stance with the U.S. Meanwhile, oil tanker traffic through the Strait of Hormuz remains low amid competing blockade enforcement efforts.

Brent crude oil prices surged over 3%, reaching $105.50 per barrel by 1:35 PM ET, following an unconfirmed report regarding a high-profile resignation in Iran's negotiating team.

Key Market Movements

Brent Crude: Increased by over 3% to reach $105.50 per barrel.
WTI Crude: Advanced nearly 4% to $96.52 per barrel.

Source of Market Volatility: Iranian Developments

The price jump was triggered by a report from Israeli broadcaster N12. According to this report, Mohammad Bagher Ghalibaf, the speaker of the Iranian parliament, resigned from his role as Tehran's lead negotiator with the United States.

Alleged Cause: The N12 report cited interference from Iran's Revolutionary Guard Corps as the reason for the resignation.
Market Reaction: Although CNBC has not confirmed the report, the potential involvement of the Revolutionary Guard has heightened market concerns.
Investor Concern: These concerns suggest that Iran might adopt a more rigid stance during ongoing negotiations with the U.S. government.

Strait of Hormuz Activity

Separately, oil tanker traffic passing through the Strait of Hormuz remains notably low. This low volume is attributed to the ongoing situation where both the U.S. and Iran are reportedly enforcing competing blockade measures during a period of ceasefire efforts.