Crude oil futures rallied midday Thursday as stalled U.S.-Iran talks and heightened tensions around the Strait of Hormuz kept a geopolitical risk premium in the market.

Crude contracts rose more than $1 by midday Wednesday, a day after Iran fired ballistic missiles toward the Strait of Hormuz, raising fears that the key oil supply chokepoint…

Oil prices climbed to three-week highs as uncertainty over the Iran conflict and Strait of Hormuz disruptions raised supply concerns. Brent rose 2.39% to $93.81, while WTI gained…