Oil extends gains as Middle East talks stall, hostilities flare
Oil prices have increased over 1 percent as tensions in the Middle East escalate and negotiations between the U.S. and Iran stall. Brent crude rose to $97.56 a barrel, while U.S. West Texas Intermediate climbed to $95.37. Analysts warn that global oil inventories could reach critical levels if current stock draws continue.
- ▪Oil prices rose over 1 percent on Wednesday amid renewed hostilities in the Middle East.
- ▪Brent futures gained 1.6 percent, while U.S. West Texas Intermediate crude climbed 1.7 percent.
- ▪Iran launched ballistic missiles towards Kuwait and Bahrain, prompting U.S. military strikes in response.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOil prices rose over 1 per cent on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted anew and talks between Tehran and Washington showed little progress.Brent futures gained US$1.56, or 1.6 per cent, to US$97.56 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed US$1.61, or 1.7 per cent, to US$95.37.Both benchmarks settled at a one-week high in the previous session.Iran launched ballistic missiles towards regional neighbours Kuwait and Bahrain but failed to hit targets, the U.S.
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