Oil prices rose about 1% after Iran’s security chief said Tehran would not allow enriched nuclear material to leave the country. Brent gained 1.4% to $92.77 a barrel and U.S. West Texas Intermediate rose 0.9% to $86.80.
Oil prices rose about 1% on Wednesday from the previous session’s two-month lows. Brent futures gained $1.28, or 1.4%, to $92.77 a barrel, while U.S. West Texas Intermediate crude rose 76 cents, or 0.9%, to $86.80.
Iran’s security chief said Tehran would not allow even a single particle of enriched nuclear material to leave the country. Washington has said nuclear matters must be part of any initial negotiations aimed at ending the U.S.-Israeli war on Iran. UBS analyst Giovanni Staunovo said oil prices were supported by fading hopes of an imminent de-escalation.
There is 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, according to data cited in the article. Market sources said U.S. crude stocks rose by 9 million barrels in the latest week, citing American Petroleum Institute data; official figures were due later Wednesday. Separately, Russian refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said.
