Oil prices held steady on Wednesday, staying close to their highest levels in seven months. Traders are watching closely as the United States prepares for expected talks with Iran. The big question is simple: will tensions rise, and will that affect global oil supplies?
Brent crude futures rose 43 cents, or 0.6%, reaching $71.20 a barrel at 04:00 GMT. At the same time, West Texas Intermediate (WTI) gained 38 cents, also up 0.6%, to $66.01 a barrel.
Brent touched its highest level since July 31. WTI reached its strongest point since August 4. Both benchmarks remained near those peaks as concerns in the Middle East continued to support prices.
Right now, the oil market is moving carefully. Investors are waiting to see what comes out of the US-Iran talks. Any sign of rising tension could threaten supply — and that’s what keeps prices elevated.
