Oil Prices Climb Above $93 as US-Iran Uncertainty Continues

Crude oil prices have been climbing since Tuesday as uncertainty surrounding US-Iran negotiations continues. The price of oil rose above $93 per barrel, extending its gains despite the resumption of oil flows through Saudi Arabia's East-West pipeline.

The ongoing uncertainty stems from Iranian officials casting doubt on reaching an agreement to end hostilities in the Middle East and reopen the Strait of Hormuz before the US midterm elections in November. The recent talks between the US and Iran in New York produced limited progress, with President Donald Trump rejecting Tehran's proposal to reopen the strategic waterway.

However, Trump is reportedly considering sanctions relief for Iran and unfreezing funds if meaningful progress is made toward a nuclear agreement. Saudi Arabia has restored oil flows to around 3.5 million barrels per day following repairs to its key pipeline that provides an alternative route around Hormuz.