Brent Rises on US-Iran Uncertainty

2026-11-03 23:50 By Jam Kaimo Samonte 1 min. read

Brent crude rose above $104 per barrel on Wednesday after a sharp decline earlier this week, amid heightened uncertainty surrounding the outcome of ongoing peace negotiations between the US and Iran.

Qatar’s Foreign Ministry spokesperson stated that both countries are evaluating new proposals put forward by mediators to bridge their differences.

However, Iran’s national security chief indicated in a social media post that Washington’s response remains unsatisfactory.

The US also conducted defensive strikes against Iran earlier this week, targeting surface-to-air missile systems used against American assets.

However, the limited scope of the strikes suggested no immediate return to large-scale military operations.

The international oil benchmark remains down about 8% so far this week, supported by optimism over a potential diplomatic breakthrough and signs of a recovery in Middle Eastern crude exports.



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