Brent Crude Oil Tops $97

Brent crude oil futures extended gains to nearly 2%, reaching $97.6 per barrel after EIA data showed a sixth consecutive weekly decline in US crude inventories. Stockpiles fell by 7.97 million barrels last week, the most since February and well above expectations for a 4 million barrel decrease. Meanwhile, President Donald Trump said Iran had agreed not to pursue a nuclear weapon and suggested he could meet Supreme Leader Mojtaba Khamenei if developments continue positively. Despite the comments, tensions between Washington and Tehran remained elevated as negotiations over an interim peace agreement continued. The situation has been further complicated by Israel’s expanding operations in Lebanon, with Trump confirming he had urged Israeli Prime Minister Benjamin Netanyahu to de-escalate the conflict during a recent call. Overnight, US and Iranian forces were involved in one of the most serious confrontations since the ceasefire began, with Kuwait and Bahrain caught in the crossfire.

Brent crude oil futures rose more than 1% to above $97 per barrel on Wednesday, extending gains for the third session, after President Donald Trump said Iran had agreed not to pursue a nuclear weapon and suggested he could meet Supreme Leader Mojtaba Khamenei if developments continue positively. Despite the comments, tensions between Washington and Tehran remained elevated as negotiations over an interim peace agreement continued. The situation has been further complicated by Israel’s expanding operations in Lebanon, with Trump confirming he had urged Israeli Prime Minister Benjamin Netanyahu to de-escalate the conflict during a recent call. Overnight, US and Iranian forces were involved in one of the most serious confrontations since the ceasefire began, with Kuwait and Bahrain caught in the crossfire. Meanwhile, the latest data showed US crude inventories fell by 7.974 million barrels last week, marking a sixth consecutive weekly decline in stockpiles.

Brent crude futures climbed above $97 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets. According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran. Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon. Meanwhile, in the US, industry data showed crude inventories declined by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth consecutive weekly drawdown in US crude stockpiles.