Crude Oil Rises on Uncertainty Over US-Iran Diplomacy
Crude oil rose to around $89 a barrel on Thursday, extending gains for a second consecutive session and rebounding from a ten-week low of $86 reached on November 10th. Prices climbed after US President Trump declared that the US no longer needs a deal with Iran. The remarks marked a sharp departure from Monday, when Trump described the war as "militarily effectively over" following talks with Qatar's prime minister. Meanwhile, Iran has shown little willingness to soften its negotiating position. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country. Despite the diplomatic uncertainty, Middle Eastern crude supplies have recovered considerably. Saudi Arabia reported a 26% increase in October production, while Iraq also raised output. However, shipments remain dependent on alternative routes, ship-to-ship transfers and military protection.
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Crude oil rose to around $89 a barrel on Thursday, extending gains for a second consecutive session and rebounding from a ten-week low of $86 reached on November 10th. Prices climbed after US President Trump declared that the US no longer needs a deal with Iran. The remarks marked a sharp departure from Monday, when Trump described the war as "militarily effectively over" following talks with Qatar's prime minister. Meanwhile, Iran has shown little willingness to soften its negotiating position.
Mohsen Rezaee, secretary of Iran's Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country. Despite the diplomatic uncertainty, Middle Eastern crude supplies have recovered considerably. Saudi Arabia reported a 26% increase in October production, while Iraq also raised output. However, shipments remain dependent on alternative routes, ship-to-ship transfers and military protection.