Oil Prices Rise on Iran Uncertainty and US Supply Draws
Brent and WTI futures recovered some ground on Thursday as investors weighed the potential for a U.S. and Iran peace deal against ongoing supply tightness. Crude markets remain supported by a record 10 million barrel withdrawal from the U.S. Strategic Petroleum Reserve and continued restrictions at the Strait of Hormuz.
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Brent Crude Oil rose 0.74% to $105.80 a barrel as uncertainty over United States-Iran peace talks tightened global supply. Both benchmarks recovered from a 5.6% drop on Wednesday after conflicting reports regarding a potential peace deal and renewed military threats. Record drawdowns in the Strategic Petroleum Reserve suggest prices will remain elevated while the Strait of Hormuz remains restricted.
