Framing Analysis
Brent crude futures rose 2.3 percent to $104.96 a barrel and WTI futures rose 1.8 percent to $98.08 on Friday, May 22, following a 2 percent decline the previous day. Markets reflected investor doubts over a breakthrough in US-Iran negotiations, which remain stalled on Iran's uranium stockpile and potential controls on the Strait of Hormuz. A senior Iranian source stated no deal has been reached though gaps have narrowed, while US Secretary of State Marco Rubio noted some positive signs but rejected any toll system in the strait.