New Delhi, May 23 (IANS) Global oil prices climbed on the last day of trading week after Iran cast doubt on market hopes for a near‑term agreement with the United States.

Brent crude rose 0.94 per cent to $103.5 per barrel, while US benchmark WTI gained 0.26 per cent to $96.60 a barrel, reversing part of Thursday’s selloff losses that had pushed both benchmarks to their lowest in nearly two weeks.

Iran’s Foreign Ministry spokesperson said Tehran could not say an agreement with Washington was close, according to state‑linked Tasnim news agency.

US Secretary of State Marco Rubio said there were “some good signs”, while stressing that any Iranian attempt to restrict movement through the Strait of Hormuz would remain a red line.

The comments followed days of mixed messaging from both sides, while markets rallied on optimistic headlines, and then waited to ascertain if anything actually changed on ground.

Traders have grown wary of pricing in news of diplomatic breakthroughs without clear evidence, analysts said.

Physical oil markets remain tight, inventories are falling and elevated fuel prices are feeding broader inflation concerns, they added.

Petrol and diesel prices were raised on Saturday by state-owned oil marketing companies, marking the third such increase in about 10 days.

Petrol became costlier by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre.

There is no shortage of petrol, diesel or LPG in the country and petrol pumps that are not giving fuel or giving fuel in reduced quantities are being pulled up, senior government officials said.

The government is receiving feedback about petrol pumps across India and full supply of fuels is being maintained to all retail outlets.

About 50 per cent of India’s crude and almost 90 per cent of its LPG and LNG imports pass through Hormuz, making it India’s single biggest energy vulnerability. Since the closure of the Strait of Hormuz, India has been sourcing 70 per cent of its crude imports via alternative, longer sea routes across the Arctic and the Baltic region.

—IANS

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