Oil Steadies Amid US-Iran Stalemate
Crude oil held steady at around $86 per barrel on Thursday following significant volatility earlier in the week, as the US and Iran remain deadlocked in negotiations while avoiding further escalation. A senior Iranian security official stated that the country would not surrender “a single atom” of its enriched nuclear material, rejecting one of Washington’s key conditions for peace talks. Tehran has also reiterated that the US must lift its sanctions and end the naval blockade before the Strait of Hormuz can be reopened. Elsewhere, Ukrainian drone attacks have disrupted refineries accounting for approximately 30% of Russia’s total oil-processing capacity since late October. Despite these developments, the US oil benchmark remains nearly 20% below its October peak, as crude supply flows from the Middle East continue to recover. Saudi Arabia told OPEC that crude output surged by 26% in October, marking one of its strongest monthly production levels in recent years.
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Crude oil held steady at around $86 per barrel on Thursday following significant volatility earlier in the week, as the US and Iran remain deadlocked in negotiations while avoiding further escalation. A senior Iranian security official stated that the country would not surrender “a single atom” of its enriched nuclear material, rejecting one of Washington’s key conditions for peace talks. Tehran has also reiterated that the US must lift its sanctions and end the naval blockade before the Strait of Hormuz can be reopened.
Elsewhere, Ukrainian drone attacks have disrupted refineries accounting for approximately 30% of Russia’s total oil-processing capacity since late October. Despite these developments, the US oil benchmark remains nearly 20% below its October peak, as crude supply flows from the Middle East continue to recover. Saudi Arabia told OPEC that crude output surged by 26% in October, marking one of its strongest monthly production levels in recent years.