Oil is higher as supply fears grow as Iran nuclear deal stal...| MENAFN.COM

Saturday, 01 October 2022 01:12 GMT

Oil is higher as supply fears grow as Iran nuclear deal stalls


(MENAFN) On Wednesday, oil costs increased due to supply worries brought on by dimming hopes for an Iran deal. However, an expected rise in United States crude oil stocks restrained additional price increases, worsening the demand situation.

At 10.09 a.m. regional time (0709 GMT), the price of international benchmark Brent crude was USD92.91 per barrel, up 2.53 percent from the previous trading session's closing price of USD90.62 per barrel.

West Texas Intermediate (WTI), the American benchmark, increased by 2.66 percent to USD86.17 per barrel at the same time from the previous session's closing price of USD83.94 per barrel.

Josep Borrell, the head of foreign affairs for the European Union, claimed on Tuesday that he does not anticipate a breakthrough in the revival of the Iran nuclear agreement this week.

Borrell reacted to questions about achieving a final settlement on the text he offered in August to resurrect the 2015 Iran nuclear deal on the sidelines of the United Nation General Assembly's opening in New York.

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