Crude futures jumped as much as 4% Thursday, driving product prices up too, as a U.S. blockade on Iranian ports added to the squeeze on Middle East oil supplies, already impacted by the Strait of Hormuz shutdown.

Oil futures edged higher Thursday morning as flows through the Strait of Hormuz remained at a trickle ahead of possible U.S.-Iranian peace talks later this week.

Oil futures settled steady in choppy trading Wednesday as diplomats from Washington to Islamabad and Tehran worked on scheduling a new round of peace talks in the Pakistani capital aimed at ending the Middle East conflict.

Oil futures edged higher in choppy trading Wednesday morning as market participants tried to ascertain the possibility of a permanent end to the Middle East conflict from a resumption in U.S.-Iranian talks expected this week.

Oil futures fell as much as 8% Tuesday after the United States and Iran signaled there could be another round of talks in Islamabad this week, raising fresh hopes for a solution to the Middle East conflict.

Oil futures fell as much as 3% on Tuesday morning amid reports that Iranian and U.S. officials were set to meet for a second round of talks in Islamabad later this week, raising hopes again for a solution to the Middle East conflict.

Oil prices closed higher Monday after volatile trade in the high $90 to $100 bbl range as U.S escalation of the Middle East conflict via a blockade of the Strait of Hormuz was offset by efforts by Pakistan to hold another round of...