Oil Settles Near $86.5 Amid US-Iran Tensions
Crude oil trimmed gains to settle near $86.5 on Wednesday after touching $88 earlier, recovering from a 10-week low amid persistent Middle East tensions. US Treasury Secretary Scott Bessent reportedly moved from his Washington home to a military base for safety amid growing Iranian threats. Reports say US officials have recently seen Iran’s plots against American targets reach a more advanced stage and that Bessent’s leading role in the US-Iran war has made him a top target. Iranian officials denied negotiations are underway. Security chief Mohsen Rezaei said claims that talks were continuing were aimed at “easing economic pressures and reducing oil prices.” Separately, Secretary of State Marco Rubio reportedly said military action against Iran may not be necessary if economic sanctions and Washington’s naval blockade are working. Meanwhile, Ukrainian drone strikes have disrupted refineries representing roughly 30% of Russia’s total oil-processing capacity since late October.
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Crude oil trimmed gains to settle near $86.5 on Wednesday after touching $88 earlier, recovering from a 10-week low amid persistent Middle East tensions. US Treasury Secretary Scott Bessent reportedly moved from his Washington home to a military base for safety amid growing Iranian threats. Reports say US officials have recently seen Iran’s plots against American targets reach a more advanced stage and that Bessent’s leading role in the US-Iran war has made him a top target. Iranian officials denied negotiations are underway.
Security chief Mohsen Rezaei said claims that talks were continuing were aimed at “easing economic pressures and reducing oil prices.” Separately, Secretary of State Marco Rubio reportedly said military action against Iran may not be necessary if economic sanctions and Washington’s naval blockade are working. Meanwhile, Ukrainian drone strikes have disrupted refineries representing roughly 30% of Russia’s total oil-processing capacity since late October.