Brent Holds Advance
Brent holds above $89 per barrel as US-Iran deal is eyed
Brent held above $89 per barrel on Wednesday after rising for five consecutive sessions, as investors assessed mixed signals surrounding a potential deal between the US and Iran.
Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have entered an advanced stage.
However, the positive developments followed a tougher stance from President Donald Trump this week, who said Tehran should pay reparations for those killed in attacks linked to the Islamic Republic.
His remarks came in response to a series of demands issued by Iran over the weekend, including war compensation for the US and Israeli military operation in the country.
Meanwhile, industry data showed US crude inventories rose by 9.1 million barrels last week, marking their largest increase since February.