Oil up 1% as Iran official says country will keep enriched nuclear material
USO•USO•USO•USO•Oil prices rose about 1% on Wednesday after an Iranian security chief said Iran would not allow enriched nuclear material to leave the country. Brent settled at $92.76 a barrel and U.S. West Texas Intermediate at $86.53.
Brent futures settled $1.27, or 1.39%, higher at $92.76 a barrel, while U.S. West Texas Intermediate crude gained 49 cents, or 0.57%, to $86.53. Prices rose from two-month lows hit in the previous session as concerns about supply and hopes for an imminent de-escalation faded.
Data cited in the article showed 37 ships were attacked in the Strait of Hormuz in October, the highest monthly total since the war began in February. U.S. crude stocks rose by 9 million barrels in the latest week, according to industry sources citing American Petroleum Institute data; official figures were due Thursday. Middle East crude and condensate outages had fallen to about 3.8 million barrels per day, while a drone attack caused a fire at Russia’s Ust-Luga port.
