Geopolitical risks in the Middle East drive West Texas Intermediate to $92.90 amid stalled US-Iran peace talks.
West Texas Intermediate crude oil climbed to $92.90 in early European trading on Wednesday, extending gains as tensions between Iran and the US escalated. The rise follows reports of missile activity and growing skepticism over a potential peace agreement between the two nations.
Prices had hovered below $90 earlier in the week, with traders monitoring geopolitical developments. The latest flare-up contrasts with recent efforts to ease regional conflicts, adding upward pressure on oil markets.
No immediate market reaction data was reported, but the move reflects heightened risk premiums in energy commodities.