Crude Oil Prices Surge Amid Stalled Iran-US Talks

The crude oil market experienced a boost of around $1 per barrel on Wednesday due to stalled US-Iran peace talks and tightening US fuel markets.

Brent crude rose by 91 cents or 0.9% to reach $103.50 per barrel, while US West Texas Intermediate (WTI) increased by $1.04 or 1.2% to settle at $90.42 per barrel.

Qatar expressed hope that shuttle diplomacy between Iran and the US could lead to a breakthrough, but US President Donald Trump denied reports of offering sanctions relief in exchange for 'concrete' steps on Iran's nuclear program.

The market also took into account improving supplies from the Persian Gulf, with Strait of Hormuz flows reaching 13.2 million barrels daily, or 77% of pre-war levels.