Oil prices steady as Iran war peace talks show little progress
West Texas Intermediate traded near $86 a barrel while Brent settled below $93 following muted hostilities between Iran and the US.
Oil prices steadied on Wednesday as hostilities between Iran and the US remained muted and peace talks showed no indication of progress, according to Mint.
West Texas Intermediate rose 0.6 per cent to trade near $86 a barrel, while Brent settled below $93. Brent prices have risen more than 50 per cent this year, though they reversed sharply in November due to rising Persian Gulf energy shipments and hopes that the conflict might ease.
Addressing a key US condition for negotiations, Secretary of the Supreme National Security Council Mohsen Rezaee said in an interview with Al Mayadeen that Iran will not remove “a single atom” of enriched nuclear material from the country.
Saudi Arabia reported to OPEC that its production rose 26 per cent in October, reaching one of its highest monthly levels in years. This increase reflects efforts by Persian Gulf exporters to restore flows despite Iranian attacks on tankers and the unresolved conflict.
Analysts Brian Martin and Daniel Hynes of ANZ Group Holdings Ltd. said that while supply is recovering, it relies on workarounds rather than secure shipping lanes, meaning disruption risk remains. They noted that markets will continue pricing in a geopolitical premium as both sides remain far apart.
In Europe, Ukrainian drone strikes hit Russian refineries again. Energy Aspects Ltd. reported that Kyiv has attacked at least seven processing plants since late October, ending a brief pause in the strikes.
