US-Iran Uncertainty Pushes Crude Oil Prices Higher Amid Tighter Chinese Fuel Supplies

Crude oil prices continued their upward trend on Thursday as market concerns about US-Iran negotiations and tighter Chinese fuel supplies pushed prices higher. The uncertainty surrounding the fate of these negotiations has contributed to the rise in crude oil prices, with markets expecting OPEC+ oil producers to keep output targets unchanged in November. This decision is expected to be made at a meeting scheduled for Sunday.

The price increase occurred despite a strengthening US dollar, as measured by the six-currency dollar index, which rose 0.34% overnight to 101.80. The dollar's strength had earlier reached a high of 102.