Oil edges up as Iran rejects direct talks with U.S. envoys; Brent at $73.45, WTI at $70.13
AI Market Summary
Oil prices firmed after Iran declined direct talks with U.S. envoys, increasing geopolitical risk premia and undermining confidence in a durable ceasefire. The move was reinforced by API data showing a sharp 6.1m bbl U.S. crude draw and lower gasoline stocks, tightening near-term balances. While tanker traffic through the Strait of Hormuz is reportedly returning to pre-war levels, risk sentiment and inventories are supporting crude.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-0.89%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Oil prices climbed after Iran said it would not hold direct talks with U.S. envoys, weighing on prospects for an interim ceasefire in the Middle East and prompting a fresh repricing of geopolitical risk. Brent futures rose 0.69% to $73.45 a barrel and WTI gained 0.91% to $70.13. U.S. inventory figures from the API showed crude stocks fell 6.1 million barrels last week and gasoline inventories also declined, adding support to prices. Tanker traffic through the Strait of Hormuz has also recovered to prewar levels, easing fears of supply disruption.
