Oil prices rose about 1% after Iran’s security chief said the country would not allow enriched nuclear material to leave. Brent gained 1.3% to $92.71 a barrel and WTI rose 1.3% to $87.13.
Oil prices rose about 1% on Wednesday after falling to two-month lows in the previous session. Iran’s security chief said Tehran would not allow enriched nuclear material to leave the country, while Washington has said nuclear matters must be part of initial negotiations aimed at ending the US-Israeli war on Iran. Brent gained $1.22 to $92.71 a barrel and WTI rose $1.09 to $87.13.
There was little sign of attacks in the Strait of Hormuz easing after 37 ships were attacked in October, the highest monthly total since the war began. A tanker was struck northeast of Lima in Oman on Tuesday, and Iran’s Revolutionary Guards Navy said two tankers caught fire after hitting naval mines on an “unauthorized route.” Brent and WTI have fallen about 21% and 17%, respectively, since the start of the month on hopes of an end to the war.
US crude stocks rose by 9 million barrels in the latest week, market sources said, citing American Petroleum Institute data; official data was due later on Wednesday. Separately, Russian oil refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said.
