Uncertainty Over Middle East Energy Supplies Drives Oil Rally
Brent crude futures, the international benchmark, increased 2.4% to $100.35 a barrel at 0830 GMT, recovering from earlier declines. US West Texas Intermediate futures also advanced 2.45% to $92.62.
Markets assessed signs of improving crude shipments from the region while remaining concerned that the recovery could lose momentum without a durable agreement to end the conflict involving Iran.
The Strait of Hormuz, a key passage for international oil shipments, remains an important factor in the negotiations and the outlook for regional energy supplies.
Iranian government spokesperson Fatemeh Mohajerani said Wednesday that Tehran had received a US response to a new proposal delivered through Qatari mediation.
Iran has said its conditions include ending hostilities across all fronts, including Lebanon, lifting the US naval blockade and unfreezing Iranian assets.
At the same time, seven OPEC+ producers kept their October production targets unchanged from September, underscoring the role of supply policy alongside diplomatic developments in shaping oil markets.
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