Oil climbs to one-week high after inventory draw
Oil prices rose as inventory data showed a larger-than-expected draw. Brent settled at $96.00 and WTI at $93.76, one-week highs.
The draw was driven by a decline in crude oil stocks, with expectations centered on a 3.6 million barrel decrease. Iraq also announced plans to raise pipeline crude exports from 220k BPD.
The rise in oil prices was also influenced by mixed signals over a proposed Iran-US ceasefire deal. Conflicting reports on the status of talks kept oil volatile, with the Strait of Hormuz remaining closed.
The US is pressing for a comprehensive deal by the end of the negotiating round, with sources citing progress in Israel-Lebanon negotiations. However, Hezbollah rejected any partial ceasefire, adding to the uncertainty.