Oil Rises in Choppy Session as Mideast Peace Talks Progress

Oil edged higher in choppy trading as investors parsed signals on negotiations in the Middle East, with shipping through the Strait of Hormuz still largely blocked.

West Texas Intermediate’s May contract traded near $98 a barrel, after earlier rising as high as $101, while Brent for June traded around $95. Both benchmarks pared gains sharply after Israel agreed to direct talks with Lebanon, raising expectations of a deescalation in strikes that had prompted Iran to again halt passage of tankers through the strait. Iran had called Israel’s targeting of Lebanon a“clear violation” of the fragile ceasefire.

Prices have been ...