Oil prices saw a slight increase on Wednesday, with Brent crude trading up 0.2% to $67.09 per barrel and West Texas Intermediate (WTI) also up 0.2% to $62.32.
This rise is attributed to ongoing US-Iran nuclear talks, which are being closely monitored by markets. While some progress was reported, with both sides agreeing to work on draft agreements and schedule future talks, a definitive breakthrough remains elusive.
Investors are factoring in a continued risk premium due to the uncertainty surrounding these negotiations and potential supply disruptions. Comments from US Vice President JD Vance indicated that while talks were productive in some aspects, Iran has not yet agreed to certain 'red lines' set by President Trump.
The market is also awaiting US inventory data. The article also briefly mentions unrelated Ukraine-Russia negotiations moderated by the US.
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