Brent crude traded near six-week highs following a dangerous escalation of military strikes involving the US and Iran in and around the Strait of Hormuz.

OPEC+ decided to keep its oil output policy unchanged for October during a video conference, pausing further production increases as geopolitical conflict disrupts crude exports.

U.S. officials have clarified that no new negotiations with Iran are planned despite President Trump's claims, as Tehran denies direct talks are underway.