Khaberni - Oil prices hovered near their highest levels in seven months on Wednesday, amidst investor concerns about a potential military conflict between the United States and Iran that could disrupt supplies, despite planned talks between the two parties tomorrow, Thursday.
By 01:40 GMT, Brent crude futures had risen 45 cents or 0.64% to $71.22 a barrel.
West Texas Intermediate crude futures rose 0.64% or 42 cents to $66.05.
Brent crude prices reached their highest level since July 31 on Friday, while West Texas Intermediate crude prices reached their highest levels since August 4 on Monday.
Oil prices hovered near those levels as the United States bolstered its military presence in the Middle East to compel Iran to negotiate an end to its nuclear and ballistic missile programs.
Any outbreak of conflict could disrupt supplies from Iran, the third-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC), and other oil-producing countries in the Middle East.
American envoys Steve Witkoff and Jared Kushner are scheduled to meet with an Iranian delegation in the third round of talks on Thursday in Geneva.
Iranian Foreign Minister Abbas Araghchi said on Tuesday that reaching an agreement with the United States "is within reach, but only if diplomacy is prioritized."
Amid escalating tensions, sources indicated that Iran and China had accelerated the pace of talks on purchasing Chinese anti-ship cruise missiles, which could target U.S. naval forces gathered near the Iranian coast.
Market sources, quoting data from the American Petroleum Institute, reported late Tuesday that U.S. oil inventories saw a massive increase of 11.43 million barrels in the week ending February 20, although gasoline and distillate stocks decreased.
The U.S. Energy Information Administration is scheduled to release its official oil inventory figures later on Wednesday.
Oil prices hover near their highest levels in 7 months
Oil prices hovered near their highest levels in seven months on Wednesday, amidst investor concerns about a potential military conflict between the United States and Iran that could disrupt supplies, despite planned talks between the two parties tomorrow, Thursday.
By 01:40 GMT, Brent crude futures had risen 45 cents or 0.64% to $71.22 a barrel.
West Texas Intermediate crude futures rose 0.64% or 42 cents to $66.05.
Brent crude prices reached their highest level since July 31 on Friday, while West Texas Intermediate crude prices reached their highest levels since August 4 on Monday.
Oil prices hovered near those levels as the United States bolstered its military presence in the Middle East to compel Iran to negotiate an end to its nuclear and ballistic missile programs.
Any outbreak of conflict could disrupt supplies from Iran, the third-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC), and other oil-producing countries in the Middle East.
American envoys Steve Witkoff and Jared Kushner are scheduled to meet with an Iranian delegation in the third round of talks on Thursday in Geneva.
Iranian Foreign Minister Abbas Araghchi said on Tuesday that reaching an agreement with the United States "is within reach, but only if diplomacy is prioritized."
Amid escalating tensions, sources indicated that Iran and China had accelerated the pace of talks on purchasing Chinese anti-ship cruise missiles, which could target U.S. naval forces gathered near the Iranian coast.
Market sources, quoting data from the American Petroleum Institute, reported late Tuesday that U.S. oil inventories saw a massive increase of 11.43 million barrels in the week ending February 20, although gasoline and distillate stocks decreased.
The U.S. Energy Information Administration is scheduled to release its official oil inventory figures later on Wednesday.
