Brent Crude Jumps 2.5% to $106.92 as US-Iran Talks Stall
Summary
- Negotiations between the United States and Iran have stalled, sending international oil prices up more than 2%.
- Brent crude rose 2.5% to $106.92 a barrel, while WTI gained 2.3% to $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, market analysis showed.
Forecast Trend Report by Period
International oil prices rose more than 2% as negotiations between the United States and Iran stalled. The gains came after U.S. 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 climbed 2.3% to $94.49.
The United States and Iran are expected to continue additional talks this week. Geopolitical risks in the Middle East are also mounting as Yemen's Houthi rebels continue attacks on Saudi Arabia.
Oil exports from the Middle East are recovering, but the market still sees supply lagging demand. That supply imbalance is adding upward pressure to crude prices.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.