Oil markets continue to price in the lack of tangible progress in the Middle East despite optimistic diplomatic signals.
Brent crude traded around $88.47 per barrel on Wednesday.
From a technical perspective, Brent has broken above the $78–85 range on the daily chart and is now moving toward the $90 mark.
Brent remains in positive territory on Wednesday after five consecutive sessions of gains, as investors assess mixed signals surrounding a potential agreement between the US and Iran.
Pakistan’s defense minister said Washington and Tehran are close to reaching some form of agreement over the Strait of Hormuz, while reports suggest that talks between Iran and Oman have entered an advanced stage.
However, Donald Trump previously adopted a tougher stance, saying Tehran should pay compensation for those killed in attacks linked to Iran. His comments came in response to Iran’s own demands, including compensation for damage caused by US and Israeli military operations.
Meanwhile, US inventory data provided some downward pressure. Commercial crude stockpiles rose by 9.1 million barrels last week, the largest increase since February.
