WTI Oil Price Jumps as Iran Talks Fall Short
US-Iran talks have fallen short of a breakthrough, according to US Secretary of State Marco Rubio. The meeting was described as 'positive' but not significant.
Rubio stated that the indirect talks were largely an exchange of ideas and messages, similar to previous discussions. A senior Iranian official told Reuters that reopening the Strait of Hormuz and lifting the US blockade were discussed, but many differences remain between the two positions.
The supply concerns in the market have eased somewhat due to Saudi Arabia's restart of its East-West pipeline, but shipping through Hormuz is still severely restricted. Preliminary Kpler data showed three commodity vessels crossing on Tuesday, down from four on Monday and below the recent 10-day average of about 15.
US crude inventories rose by 2.969 million barrels last week, exceeding markets' expectations of a 0.7 million-barrel draw.