Oil prices edged higher on Thursday, as investors monitored peace talks between the United States and Iran, while supply tightness and U.S. inventory drawdowns provided some support.Brent crude futures LCOc1 rose 40
Oil prices edged higher on Thursday, as investors monitored peace talks between the United States and Iran, while supply tightness and U.S. inventory drawdowns provided some support.
Brent crude futures LCOc1 rose 40 cents, or 0.4%, to $105.42 a barrel by 0809 GMT, and U.S. West Texas Intermediate futures CLc1 were up 50 cents, or 0.5%, at $98.76.
Both benchmarks dropped around 5.6% on Wednesday to their lowest in more than a week after President Donald Trump said talks with Iran were in the final stages.
"Prices came under pressure when markets priced lower immediate escalation risk in the Middle East, but the rebound shows traders are not ready to remove the supply-risk premium while the Strait of Hormuz remains central to global energy flows," said Naeem Aslam, chief investment officer at Zaye Capital Markets.
Tehran said it was reviewing Washington's latest responses and Trump suggested he could wait a few days for "the right answers" from Tehran but was also willing to resume attacks on the country.
"We’ve been in this situation multiple times before, which ultimately led to disappointment," ING analysts said in a note on Thursday, forecasting an average Brent price of $104 a barrel in the
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