Crude oil prices rose Wednesday, breaking a five-day losing streak, as the market weighs the ongoing supply disruption in the Middle East against renewed efforts at diplomacy.
Brent crude, which is the international benchmark, rose 2.4% to $101.61 U.S. per barrel, while U.S. West Texas Intermediate was up 1.5% to $91.84 per barrel.
U.S. crude oil prices are down more than 8% on the week while Brent has lost 2%. President Donald Trump said Tuesday that U.S. officials had a “very good meeting” with Iran’s delegation and that it lasted about three hours.
Earlier in his address to the U.N., Trump said he has a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.
Reuters reported on Tuesday that Iran could reopen the Strait of Hormuz within a week if the U.S. agrees to ease military pressure and lift its blockade of Iranian ports.
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