Oil prices rise as hopes for U.S.-Iran talks fade; Brent crude up 1.4%

[Financial News] International crude oil prices, which had been trending lower, rose on the 11th (local time) for the first time in three days.
January-delivery Brent crude futures on the ICE Futures Exchange in London settled 1.39% higher than in the previous session at $92.76 a barrel.
December-delivery U.S. West Texas Intermediate (WTI) futures on the New York Mercantile Exchange settled at $86.53 a barrel, up 0.57% from the previous session.
Oil prices came under upward pressure that day as uncertainty grew over negotiations between the United States and Iran to end the war.
Expectations for negotiations weakened, particularly after Iran’s security chief reaffirmed that nuclear materials, including enriched uranium, could never be taken out of the country.
In an interview with a Lebanese media outlet that day, Mohsen Rezaee, secretary-general of Iran’s Supreme National Security Council (SNSC), said, “We informed the Russian side that the enriched nuclear material will remain in Iran and that we will use it ourselves,” adding that not a single particle of enriched nuclear material would be taken out of Iranian territory.
The United States has previously said that the nuclear issue must be included as a prerequisite for negotiations to end the war. UBS analyst Giovanni Staunovo said, “Oil prices are being supported as hopes for de-escalation fade.” 


[email protected] Lee Seok-woo, International Affairs Correspondent Reporter