Oil Steadies as Traders Weigh US-Iran Talks
Crude oil steadied near $98 per barrel on Wednesday following sharp swings in the previous session, as investors assessed mixed reports on diplomatic progress between the US and Iran. Prices fell sharply on Tuesday after Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian diplomatic and military officials in Tehran to discuss bilateral ties and the status of negotiations with Washington. However, a diplomat involved in the discussions dismissed reports that a deal was imminent, while confirming that efforts to end the conflict remain underway. Oil prices have gained more than 10% this month as intensifying hostilities involving Saudi Arabia and Iran-backed Houthi forces, as well as Russia and Ukraine raised supply risks further. At least 18 vessels have also come under attack in the Strait of Hormuz over the past two weeks. Despite these risks, oil flows from the Middle East have largely recovered to around 80% of prewar levels.
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Crude oil steadied near $98 per barrel on Wednesday following sharp swings in the previous session, as investors assessed mixed reports on diplomatic progress between the US and Iran. Prices fell sharply on Tuesday after Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian diplomatic and military officials in Tehran to discuss bilateral ties and the status of negotiations with Washington. However, a diplomat involved in the discussions dismissed reports that a deal was imminent, while confirming that efforts to end the conflict remain underway.
Oil prices have gained more than 10% this month as intensifying hostilities involving Saudi Arabia and Iran-backed Houthi forces, as well as Russia and Ukraine raised supply risks further. At least 18 vessels have also come under attack in the Strait of Hormuz over the past two weeks. Despite these risks, oil flows from the Middle East have largely recovered to around 80% of prewar levels.