Oil Prices Hold Four-Day Gain Amid Middle East Standoff
· Business · LiveMint, Economic Times, Times of India
Oil prices held a four-day run of gains as traders assessed ongoing tensions between Iran and the US, alongside signs of crude shipments moving through the Strait of Hormuz. West Texas Intermediate for October traded above $84 a barrel, while Brent closed near $92. President Donald Trump stated on Wednesday that crude was passing through the waterway and that talks with Tehran could restart at some point. Prices advanced further after the United Arab Emirates cut all economic ties with Tehran following accusations that Iran fired ballistic missiles at its territory. Meanwhile, US Energy Information Administration data showed refinery runs climbing to their highest level since 2019 and distillate inventories falling to a one-month low.
Why it matters
Escalating maritime disruptions in the Middle East and tightening fuel inventories directly impact global energy costs and crude import economics.
Read the original report — LiveMint
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