New Delhi, April 23 -- Global oil prices traded marginally higher on Thursday morning as a stalemate over the next round of peace talks between the US and Iran persisted, with both countries continuing their respective blockades of the Strait of Hormuz.

At 7:40 am, the June contract of Brent on the Intercontinental Exchange traded at $102.40 per barrel, up 0.48% from its previous close. The May contract of West Texas Intermediate on the NYMEX rose 0.59% to $93.51 a barrel.

With the Strait of Hormuz shut for over 50 days, nearly one-fifth of global oil and gas supplies remain disrupted. Even a modest rise in crude prices threatens to inflate India's import bill and strain its economy.

Although US president Donald Trump said the ceasefir...