Oil rises after Iran refuses US meeting in Qatar
Business
Oil prices climbed on Wednesday after Iran refused to meet US officials during cease-fire negotiations in Qatar, making markets nervous about the ongoing conflict.
Brent crude went up to $73.45 a barrel and US WTI hit $70.13.
Analysts lower 2026 oil forecasts
Even with tensions high, oil tankers are moving smoothly again through the key Strait of Hormuz, which has helped calm supply fears.
Meanwhile, US crude stockpiles fell by 6.1 million barrels last week, a sign that demand is still strong.
With these changes, analysts have actually lowered their oil price forecasts for 2026 for the first time in months, since supply risks seem less scary now than earlier this year.