Brent Crude Rises by Over 3%
Brent crude rebounded more than 3% to above $94 a barrel on Wednesday, recovering from a 10-week low driven by persistent tensions in the Middle East and limited progress in peace negotiations. Iran reiterated that it would not surrender any enriched nuclear material, highlighting a key obstacle to talks, while Tehran denied that negotiations with Washington were underway despite President Donald Trump’s suggestion that further US strikes might not be necessary. Meanwhile, Saudi crude production rose 26% in October to 10.56 million barrels per day, its highest level since the war began. In the US, the American Petroleum Institute reported that crude inventories increased by 9 million barrels last week, while distillate stocks gained 1.5 million barrels. Separately, the EIA raised its 2027 forecasts for average US gasoline and diesel prices to $3.73 and $5.03 per gallon, respectively, but maintained its domestic crude production estimate at 14.3 million barrels per day.
Brent crude rebounded more than 3% to above $94 a barrel on Wednesday, recovering from a 10-week low driven by persistent tensions in the Middle East and limited progress in peace negotiations. Iran reiterated that it would not surrender any enriched nuclear material, highlighting a key obstacle to talks, while Tehran denied that negotiations with Washington were underway despite President Donald Trump’s suggestion that further US strikes might not be necessary. Meanwhile, Saudi crude production rose 26% in October to 10.56 million barrels per day, its highest level since the war began.
In the US, the American Petroleum Institute reported that crude inventories increased by 9 million barrels last week, while distillate stocks gained 1.5 million barrels. Separately, the EIA raised its 2027 forecasts for average US gasoline and diesel prices to $3.73 and $5.03 per gallon, respectively, but maintained its domestic crude production estimate at 14.3 million barrels per day.