UNITED STATES – Crude oil prices rose more than 2% today, with Brent crude up USD 1.86 to USD 89.70 per barrel and WTI up USD 1.30 to USD 83.53. The dramatic turnaround occurred after Washington clearly ruled out engaging in direct negotiations or diplomatic breakthroughs with Tehran, deflating previous market hopes of a quick resumption of Middle Eastern naval supply routes. The increased geopolitical risk premium was bolstered by EIA data indicating tight U.S. crude inventory additions of only 95,000 barrels, as well as a 2.2 million-barrel distillate decrease.
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(Source: The Star)
