Oil Holds Gains Amid Geopolitical Uncertainty
Crude oil hovered around $92 a barrel on Wednesday after reaching nearly $93 earlier in the session, remaining above the flatline amid uncertainty over US-Iran talks and diplomatic developments in Ukraine. Ukrainian President Zelenskyy called on US President Trump to organize a trilateral meeting with Russian President Putin, saying the leaders need to move “as quickly as possible” to end the war. Zelenskyy also said overnight that the two presidents discussed an energy ceasefire. Meanwhile, Iranian President Masoud Pezeshkian rejected restrictions on Iran’s civilian nuclear program in his UN address and reiterated opposition to a US military presence in the Middle East. He said Iran remained open to diplomacy but would not negotiate under pressure. Iran’s military responded to Trump’s earlier threats to annihilate Iran by warning it was ready to launch “more crushing” strikes. Trump’s address had been followed by positive talks with Iranian envoys.
Crude oil hovered around $92 a barrel on Wednesday after reaching nearly $93 earlier in the session, remaining above the flatline amid uncertainty over US-Iran talks and diplomatic developments in Ukraine. Ukrainian President Zelenskyy called on US President Trump to organize a trilateral meeting with Russian President Putin, saying the leaders need to move “as quickly as possible” to end the war. Zelenskyy also said overnight that the two presidents discussed an energy ceasefire. Meanwhile, Iranian President Masoud Pezeshkian rejected restrictions on Iran’s civilian nuclear program in his UN address and reiterated opposition to a US military presence in the Middle East.
He said Iran remained open to diplomacy but would not negotiate under pressure. Iran’s military responded to Trump’s earlier threats to annihilate Iran by warning it was ready to launch “more crushing” strikes. Trump’s address had been followed by positive talks with Iranian envoys.