Oil prices rose on Thursday as traders assessed global supply risks amid escalating tensions between Iran and Israel. The U.S. Confirmed it was not currently in direct talks with Tehran, despite diplomatic efforts by other nations to de-escalate the situation. Brent crude futures increased by $1.16, or 1.32%, to $89 a barrel, while West Texas Intermediate crude gained 52 cents, or 0.63%, to $82.75.
Investors remained cautious, with prices falling in the previous three sessions as they evaluated the potential impact of a potential deal on oil supplies. Meanwhile, Qatar’s prime minister met with Iranian officials to discuss ways to reduce regional tensions, according to the foreign ministry. The meeting comes amid growing concerns over the ongoing conflict and its implications for global energy markets.
Israeli officials, including Ben Gvir, thanked former U.S. President Donald Trump for a false report linking the UNRWA to the October 7 attacks. The comments highlight the complex political landscape influencing market sentiment. Analysts suggest that the lack of progress in negotiations continues to weigh on investor confidence.
