Brent crude futures for July were up $1.04, or 0.94%, to $111.44 per barrel, while West Texas Intermediate futures had risen 41 cents, ​or 0.39%, to $105.48 per barrel.

Both benchmarks have posted gains across ​four straight months, with Brent’s June contract, which expired ⁠on Thursday, hitting $126.41 a barrel, the highest since March 2022.

Oil prices ​have been on the rise since the end of February when the ​US and Israel attacked Iran, resulting in the closure of the Strait of Hormuz and the disruption of shipments of around one-fifth of the world’s oil ​and liquefied natural gas supply. Brent gained 50% in March alone.

A ceasefire ​has been in place since April 8, but on Thursday evening, Iranian Foreign Ministry ‌spokesman Esmaeil ⁠Baghaei said it was not reasonable to expect quick results from US talks, according to the official IRNA news agency.

“Expecting to reach a result in a short time, regardless of who the mediator is, ​in my opinion, ​is not very ⁠realistic,” he was quoted as saying.

Earlier in the day, a senior official of Iran’s Revolutionary Guards had ​threatened “long and painful strikes” on US positions if Washington ​renewed attacks ⁠on Iran, pushing oil prices to intraday peaks before retreating.

US President Donald Trump was scheduled to receive a briefing on Thursday on plans for ⁠a series ​of fresh military strikes on Iran ​to compel it to negotiate an end to the conflict, a US official told Reuters.