FRANKFURT, April 23 (Bernama-dpa) -- Oil prices rose for a third straight day on Thursday amid the fragile ceasefire in the Iran conflict, reported German Press Agency (dpa).
Brent crude for June delivery was up more than one per cent from the previous day at US$103.23 a barrel (159 litres).
United States (US) President Donald Trump has stepped up pressure on Iran and, according to media reports, is giving Tehran only a few more days to present an acceptable proposal to end the conflict.
Meanwhile, Iran sees itself in a position of strength because of the closure of the Strait of Hormuz, an important route for the oil trade.
The lack of progress in talks to end the conflict has unsettled investors in commodity markets. Since the start of the week, North Sea crude has risen by almost US$7 a barrel, while US crude has gained nearly US$4.
Dennis Kissler of BOK Financial Securities said he expected prices to keep rising until one side gave way. In his view, negotiations on an agreement were deadlocked.
The longer no oil flows through the Strait of Hormuz, the further prices will rise, Kissler said.
Washington and Tehran remain at odds over several issues seen as crucial to ending the conflict, including Iran's nuclear programme.
-- BERNAMA-dpa
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