Brent Rallies as Iran Rejects Reports of U.S. Talks
Brent crude climbed nearly 3% after an Iranian official denied negotiations with Washington, while analysts saw little sign of a quick end to the war.
Key takeaways
- Brent crude reached $93.90 a barrel after Iran denied talks with Washington.
- Brent futures later traded at $92.55, up 1.16% since the previous close.
Brent crude rose nearly 3% on Wednesday to $93.90 a barrel, after Iran denied it was negotiating with Washington. Analysts saw no near-term end to the war.
Iranian security official Mohsen Rezaei called reports of a recent meeting in Qatar “pure lies.” UBS analyst Giovanni Staunovo pointed to fading hopes for an imminent de-escalation.
As of 21:28 UTC Wednesday, Brent futures traded at $92.55, up 1.16% since the previous close. The American Petroleum Institute also reported a 9-million-barrel increase in U.S. crude inventories for the week ending November 6.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
