US-Iran Talks Stall, Oil Prices Rebound Amid Supply Chain Fears Eased
Oil prices rebounded on Thursday as optimism about US-Iran diplomatic talks waned following inconclusive discussions in New York. Brent crude briefly topped $106 a barrel, with a 2.18% gain to $105.33, while West Texas Intermediate rose 1.77% to $93.79.
The previous day's steep declines on hopes of a breakthrough had started to unwind as contradictory messages from Tehran undermined confidence in a possible resolution. Iranian Foreign Ministry spokesman Esmaeil Baghaei said the country had passed its terms for resuming diplomacy with Washington via Qatar, but security chief Mohsen Rezaei countered that conditions remained unchanged.
The supply chain fears that had driven prices down eased as Saudi Arabia's East-West pipeline came back online, a critical artery for the world's largest oil exporter. The kingdom has also offloaded close to 100 million barrels to Asian buyers for October and November delivery.