Iran Talks Fail to Yield Breakthrough Amid Ongoing Supply Disruptions
US-Iran talks on the sidelines of the United Nations General Assembly in New York failed to yield a breakthrough, according to US Secretary of State Marco Rubio. The meeting was described as 'positive' but largely an exchange of ideas and messages.
Saudi Arabia's restart of its East-West pipeline has eased some supply concerns, but shipping through the Strait of Hormuz remains severely restricted. Preliminary Kpler data showed only three commodity vessels crossing on Tuesday, down from four the day before and below the recent 10-day average of about 15.
Despite diplomatic efforts, traders appear reluctant to push Oil prices lower while supply disruptions continue to hang over the market. US crude inventories rose by 2.969 million barrels last week, exceeding markets' expectations of a 0.7 million-barrel draw.