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Oil up 1% after Iran says no nuclear material will leave the country
Reuters • • world
Key Points:
- Oil prices rose about 1% on Wednesday after falling to two-month lows, driven by Iran's security chief stating that no enriched nuclear material would leave the country, dampening hopes for a quick diplomatic resolution.
- Brent crude increased to $92.81 a barrel and US West Texas Intermediate crude rose to $87.12, recovering from previous session losses triggered by US officials downplaying the need for further military strikes on Iran.
- Vessel attacks in the Strait of Hormuz remain high, with 37 ships attacked in October, contributing to market uncertainty amid stalled diplomacy between Iran and the US.
- US crude stocks increased by 9 million barrels last week, adding to supply-side factors, while Russian oil refining capacity has dropped by about 30% due to Ukrainian drone attacks, further impacting the market.
- Russian and Ukrainian officials held their first peace talks since February, with US envoys pushing to end the war, but the overall geopolitical tensions continue to influence oil price volatility.
