Brent Crude Jumps 2.5% to $106.92 as US-Iran Talks Hit Snag
Summary
- International oil prices rose more than 2% as negotiations between the US and Iran ran into difficulties.
- Brent traded at $106.92 a barrel, while West Texas Intermediate traded at $94.49.
- Geopolitical risks in the Middle East and a supply-demand imbalance with supply still falling short of demand are adding upward pressure to oil prices.
Forecast Trend Report by Period
International oil prices rose more than 2% as negotiations between the US and Iran ran into difficulties, after President Donald Trump rejected Iran’s proposal to end the conflict and reopen the Strait of Hormuz.
Walter Bloomberg reported on September 28 that Brent crude futures rose 2.5% to $106.92 a barrel. West Texas Intermediate gained 2.3% to trade at $94.49.
The US and Iran are set to continue additional talks later this week. Geopolitical risks in the Middle East are also increasing as Yemen’s Houthi rebels continue attacks on Saudi Arabia.
Oil exports from the Middle East are recovering, but the market still sees supply falling short of demand. That imbalance is adding upward pressure to crude prices.
