Oil Market Heats Up As Rubio Says 'No Breakthrough' In Iran Talks; Brent Surges Past $102

Brent crude futures surged above 3% past $102 after US Secretary of State Marco Rubio started that talks with Iran were "positive" as per reports on Wednesday.

The oil futures were trading at an uptick of 3.44% to $102.66 at 8:45 p.m. IST.

Rubio said that talks with Iran were a continuation of previous discussions, adding that there was no breakthrought despite the meeting with the country being positive.

 Rubio said on Tuesday that 60-70% of oil flows were now sourced the Strait of Hormuz, with the share going up, in light of Washington leaving the option open for a possible meeting between US President Donald Trump and his Iranian counterpart.

Speaking to NBC's Today show, Rubio stated the US was open to talks with Iranian officials during the UN General Assembly in New York, despite there being no meeting between Trump and Iranian President Masoud Pezeshkian that had been scheduled.

"We're open to that. I don't think anything is scheduled at this point, but we're certainly open to something like that, especially if it has the prospects of leading to something positive," Rubio said.

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Fox News reported that Rubio said the US remains open to diplomacy with Iran and would not "close the door" to negotiations.

"Never close the door to diplomacy," Rubio said when asked about Iran, while reiterating Washington's position that Tehran must not be allowed to develop a nuclear weapon.

Rubio also said most ships were continuing to pass through the Strait of Hormuz without facing attacks. He reiterated the US position that Iran must not be permitted to acquire a nuclear weapon.

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