Brent climbs above $104 following news of Iranian chief negotiator's resignation

Brent crude prices jumped by more than 3% following a report from Israel's N12 channel stating that Iran's chief negotiator with the United States has submitted his resignation.

By 2:05 PM ET, Brent crude rose approximately 3% to reach $104.79 per barrel, while West Texas Intermediate (WTI) climbed over 3% to $95.95 per barrel.

According to the report, Iranian Parliament Speaker Mohammad Bagher Ghalibaf resigned from his position as Tehran’s top negotiator due to interference from the Iranian Revolutionary Guard Corps (IRGC).

While CNBC has not confirmed the report's validity, the possibility of IRGC intervention raises market fears of a more hardline stance from Tehran during negotiations with the United States.

Meanwhile, the flow of oil tankers through the Strait of Hormuz remains extremely low as the United States and Iran seek to impose mutual blockades during the ceasefire period.

Iran continues to demand that vessels obtain prior permission to cross the Strait. Conversely, U.S. President Donald Trump stated on Thursday that the United States has "total control" over the maritime passage, adding that ships require authorization from the U.S. Navy to pass.

The United States has been enforcing a blockade on Iranian ports since April 13.

The current period has also seen both the United States and Iran seizing vessels; Iran detained two cargo ships in the Strait on Wednesday, while the United States intercepted several Iranian oil tankers.