Crude prices gained more than 1% on Wednesday as investors monitored developments in the Middle East. A report published yesterday alleged that the United States considered seizing another tanker carrying Iranian oil to try to push Tehran into a nuclear deal, but decided against it for fear of destabilizing the market. Meanwhile, negotiators from the US and Iran failed to reach a meaningful breakthrough in last week’s talks.
West Texas Intermediate (WTI) for deliveries in March added 1.93% at 8:11 am ET and went for $65.49 per barrel. Brent for April settlements rose by 1.81% and sold for $70.32 a barrel.