Oil prices rise further

Oil prices rose further on April 29 as investors remained focused on stalled U.S.-Iran talks and continued disruption in the Strait of Hormuz.

Reuters reported that the conflict remained deadlocked and that the strait, a crucial route for global oil shipments, was still mainly shut. AP said Brent crude climbed above $110 a barrel as the market continued to price in tight supplies.

The move extends a run of gains that began after earlier reports that peace talks had stalled. The U.S. Energy Information Administration has said its April outlook assumed Hormuz-related shut-ins and warned that fuel prices would keep rising until the disruption is resolved.

For now, traders are still reacting less to normal supply-and-demand shifts than to the risk that a major shipping corridor stays constrained. Any diplomatic breakthrough, or further escalation, could quickly change the direction of prices.