Oil prices rose on Wednesday on concerns breakdowns in discussions between then United States and Iran for a final agreement to end their war may extend supply disruptions in the key Middle East producing region.
Brent futures rose 33 cents, or 0.45%, to $73.28 a barrel at 0339 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 34 cents, or 0.49%, to $69.84 a barrel.
“Hormuz continues to reopen but it’s patchy, unpredictable, and not fully transparent. Unless there is a fresh understanding between Washington and Tehran, the market may wait and watch for sustained peace and quiet before crude resumes bearish momentum,” the founder of oil market analysis provider Vanda Insights, Vandana Hari, said.
U.S. President Donald Trump’s son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha for what the White House described as “high level” talks on Tuesday, but Iran and host Qatar said they would meet with mediators, rather than the Iranians themselves.
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Qatar said Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani was among those to Witkoff and Kushner.
Brent fell by around $45 a barrel between the first and second quarters of this year, its largest quarterly loss since 2008 during the financial crisis. U.S. crude futures meanwhile fell by around $31, their largest quarterly loss since 2020, when the COVID-19 pandemic crushed global oil demand.
The declines followed progress toward ending the Middle East conflict, pulling back from the sharp gains triggered earlier by the hostilities.
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