Oil benchmarks settled higher Wednesday as Iran’s security chief reiterated the country would keep enriched nuclear material at home, while Reuters tied the rebound to supply concerns and weaker expectations for a near-term easing of the war.
Reuters reported that Brent futures gained $1.27, or 1.39%, to settle at $92.76 a barrel. U.S. West Texas Intermediate (WTI) added 49 cents, or 0.57%, to $86.53. Both contracts had touched lows not seen in about two months during the previous session, Reuters said.
Tasnim News Agency reported that Mohsen Rezaei made the comments in an Al Mayadeen interview. Rezaei, secretary of Iran’s Supreme National Security Council, said Tehran had informed Russia the material would remain in Iran for domestic use, Tasnim reported. He cited work on nuclear-powered ships and submarines. The position restates Iran’s stated plan to retain the material, which EconoTimes covered in an earlier report on Iran’s nuclear-material position.
Reuters reported that Brent remained down about 21% and WTI roughly 17% for November to date, amid earlier hopes that the war would end. The news agency also said disruption to shipping through the Strait of Hormuz had not eased. It attributed Wednesday’s gains to concerns about supply and a pullback in expectations for an imminent de-escalation.
Reuters reported that Washington wants nuclear matters on the agenda from the opening round of talks with Tehran to end the war. Rezaei’s reported position on retaining the material therefore sits alongside a U.S. call to address nuclear matters at the start of talks.
The U.S. Energy Information Administration (EIA) calendar lists its petroleum report for the week ended Nov. 6 for release at noon ET Thursday, Nov. 12. The agency’s schedule says Veterans Day shifted the release timing.
