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Oil prices surge past $110 to a five-month high before reversing on an unconfirmed Iran peace proposal

Oil prices surge past $110 to a five-month high before reversing on an unconfirmed Iran peace proposal

Eighteen ships or more have been struck in the Strait of Hormuz over the past two weeks. On Tuesday, Iran's Revolutionary Guard Corps reported that two 'non-compliant' tankers hit mines and burst into flames. Brent crude climbed to a peak of $111.20 before retreating to $106.65 after reports emerged that Qatar and Pakistan had put forward a mediation plan said to carry US approval and Iran's consent.

President Donald Trump has paused attacks on Iran ahead of the 3 November midterms.

Deutsche Bank analysts said the odds of a diplomatic end to the Iran war are low.

US Energy Secretary Chris Wright vowed to move ships 'from the bad guy fleet to the good guy fleet'.

MoreEvening StandardFTSE down but off lows as oil price drops amid Iran war peace talks hopeReutersOil rises on Middle East supply worriesLondon South EastLONDON MARKET CLOSE: FTSE down but off lows as oil drops on peace talkSharecast.comLondon close: FTSE ends down but off lows as oil prices retreat - Sharecast.comBarchart.comCrude Oil Prices Erase an Early Rally on Unconfirmed Iran Peace Talks - Barchart.comNY PostOil prices hit five-month high before reversing gains as Middle East uncertainty persists
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