Oil Prices Rise to Multi-Week Highs as US-Iran Talks Stall, Asian Stocks Drift

Oil prices have climbed to multi-week highs, with Brent crude around $88 and U.S. crude at $82, as negotiations between the U.S. and Iran over a peace deal and the reopening of the Strait of Hormuz reached an impasse. This diplomatic stalemate has contributed to a surge in fuel costs. Meanwhile, Asian equities saw small gains amidst persistent inflation uncertainty and anticipation of central bank actions.