Oil Steadies as Markets Watch US-Iran Talks
Crude oil steadied above $96 per barrel on Wednesday after seeing sharp swings in the previous session, as investors grappled with uncertainty surrounding ongoing peace negotiations between the US and Iran. Qatar’s Foreign Ministry spokesperson stated that both countries are evaluating new proposals put forward by mediators to bridge their differences. However, Iran’s national security chief indicated in a social media post that Washington’s response remains unsatisfactory. The US also conducted defensive strikes against Iran earlier this week, targeting surface-to-air missile systems used against American assets. However, the limited scope of the strikes suggested no immediate return to large-scale military operations. The US oil benchmark remains down more than 7% so far this week, supported by optimism over a potential diplomatic breakthrough and signs of a recovery in Middle Eastern crude exports.
Story updates
Crude oil steadied above $96 per barrel on Wednesday after seeing sharp swings in the previous session, as investors grappled with uncertainty surrounding ongoing peace negotiations between the US and Iran. Qatar’s Foreign Ministry spokesperson stated that both countries are evaluating new proposals put forward by mediators to bridge their differences. However, Iran’s national security chief indicated in a social media post that Washington’s response remains unsatisfactory. The US also conducted defensive strikes against Iran earlier this week, targeting surface-to-air missile systems used against American assets.
However, the limited scope of the strikes suggested no immediate return to large-scale military operations. The US oil benchmark remains down more than 7% so far this week, supported by optimism over a potential diplomatic breakthrough and signs of a recovery in Middle Eastern crude exports.