UPDATE 10-Oil turns positive on report Iran rejects US proposal for Strait of Hormuz

Adds latest prices

By Siddharth Cavale

NEW YORK, May 7 (Reuters) - Oil prices turned positive in volatile trade on Thursday after a report said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan.”

Brent crude futures LCOc1 rose 71 cents, or 0.7%, to $101.98 per barrel at 1:36 p.m. EDT (1736 GMT), while U.S. West Texas Intermediate crude CLc1 rose $1.62, or 1.7%, to $96.70.

Earlier in the session, both benchmarks were down over $5 a barrel.

A senior Iranian official said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan” and then exit the war without paying any reparations “for all the damage inflicted on Iran,” the Wall Street Journal said, citing Iran’s state broadcaster Press TV.


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