Oil rises as Iran denies moving nuclear material abroad
What's the story
Oil prices witnessed a nearly 1% increase on Wednesday, after hitting two-month lows in the previous session. The surge comes after Iran's security chief announced that Tehran would not permit even a single particle of enriched nuclear material to leave the country. The news has added pressure on US officials who have insisted that nuclear matters should be part of any initial negotiations with Tehran aimed at ending the ongoing US-Israeli war on Iran.
Market response
Brent crude hits $92.77 per barrel
Brent futures rose by $1.28 or 1.4%, to $92.77 a barrel at 0934 GMT, while US West Texas Intermediate crude gained 76 cents or 0.9%, to $86.80 per barrel.
The price hike comes after a previous session, when oil prices initially fell by over $3 a barrel due to US officials downplaying the need for further military strikes against Iran.
However, losses were later pared after an Iranian security official announced no talks were taking place between the two sides.
Analyst insights
Oil prices supported by fading hopes of imminent de-escalation
UBS analyst Giovanni Staunovo said, "Oil prices are being supported by fading hopes of an imminent de-escalation."
The situation in the Strait of Hormuz remains tense with no signs of attacks easing after 37 ships were targeted in October, the highest monthly total since the war began.
The UK Maritime Trade Operations agency reported a tanker was hit northeast of Lima in Oman.
Separately, Iran said two tankers caught fire after hitting naval mines on an "unauthorized route" in Hormuz.