WTI tops $93 as U.S.-Iran talks uncertainty lifts oil prices

  • U.S.-Iran negotiation uncertainty pushed international oil prices higher for a second consecutive day.
  • WTI moved above $93 a barrel while Brent finished near $105.
  • Saudi Arabia’s East-West pipeline is carrying at least 3.5 million barrels daily to the Red Sea.

International oil prices rose for a second straight day as uncertainty over U.S.-Iran negotiations and shipping through the Strait of Hormuz (major oil transit chokepoint) intensified supply concerns. West Texas Intermediate (WTI), a U.S. crude benchmark, climbed above $93 a barrel, while Brent finished near $105. Saudi Arabia has restored East-West pipeline flows to at least 3.5 million barrels a day to the Red Sea, easing some pressure, but oil prices remain supported by tighter near-term supply indicators, refinery disruptions, stronger demand for prompt crude and possible U.S. restrictions on diesel exports. Prices are on track for a third consecutive monthly gain.

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