Oil up 2% as Iran official says country will keep enriched nuclear material
USO•Oil prices rose about 2% after Iran’s security chief said the country would not allow enriched nuclear material to leave, reviving supply concerns. Brent gained 2.35% to $93.64 a barrel and U.S. crude rose 1.96% to $87.73.
1. Oil prices rise
Oil prices climbed on Wednesday after Iran’s security chief said Tehran would not allow any enriched nuclear material to leave the country. Brent futures rose $2.15, or 2.35%, to $93.64 a barrel, while U.S. West Texas Intermediate crude gained $1.69, or 1.96%, to $87.73.
2. Shipping risks persist
Concerns about disruption in the Strait of Hormuz continued despite higher OPEC+ production in October. Data from the Washington Institute for Near East Policy showed 37 ships were attacked in October, the highest monthly total since the war began. Middle East crude and condensate outages had fallen to about 3.8 million barrels per day, Kpler data showed.
3. U.S. stocks and Russia
Market sources, citing American Petroleum Institute data, said U.S. crude stocks rose by 9 million barrels in the latest week. Separately, a drone attack caused a fire in the Russian port area of Ust-Luga, injuring three workers; industry sources said Russian oil refining capacity had fallen about 30% since late October.
