Oil Prices Surge Over $2 As US-Iran Diplomatic Hopes Fade
Amman, Oct. 21 (Petra) - Oil prices surged by more than USD2 a barrel on Wednesday as hopes for a diplomatic breakthrough between the US and Iran faded, alongside a draw in US crude and fuel inventories.
Brent crude futures rose USD2.06, or 1.9 percent, to USD110.85 a barrel by 10:48 GMT, while U.S. West Texas Intermediate (WTI) gained USD2.13, or 2.2 percent, to reach USD99.95 a barrel.
In the previous session, Brent hit a five-month high and WTI touched a six-month peak before prices briefly pulled back following reports of mediation discussions between Iran's president and Pakistan's military chief in Tehran.
However, waning expectations for a diplomatic resolution and tightening US supplies quickly resumed the upward trajectory.
//Petra// HA
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