Tehran's hardline stance directly clashes with American demands that nuclear disarmament be addressed in initial ceasefire talks. Compounding these diplomatic hurdles, regional maritime safety reached a critical low in October as Iranian forces targeted key navigation systems near the Strait of Hormuz. In Eastern Europe, relentless aerial attacks on critical processing hubs continue to severely degrade refining capabilities. These widespread operational disruptions are overshadowing recent production growth achieved by major exporters like Saudi Arabia.
Key points
Diplomatic standoffs over enriched nuclear material threaten to derail peace discussions…: Diplomatic standoffs over enriched nuclear material threaten to derail peace discussions and keep geopolitical risk premiums elevated in energy markets.
Widespread assaults on commercial shipping and navigation systems around Oman indicate pe…: Widespread assaults on commercial shipping and navigation systems around Oman indicate persistent operational hazards within the critical Strait of Hormuz.
Russian refining capacity has plunged by roughly 30% since late October due to repeated d…: Russian refining capacity has plunged by roughly 30% since late October due to repeated drone strikes on petroleum infrastructure.
Sources checked by our analysis pipeline: 1
By Nicole Jao
NEW YORK, Nov 11 (Reuters) - Oil prices rose about 1% on Wednesday after the Iranian security chief said Iran would not allow any enriched nuclear material to leave the country, feeding supply worries that lifted prices off two-month lows hit the previous session.
The United States has said nuclear issues must be part of any initial negotiations with Iran aimed at ending their war.
Brent futures settled $1.27, or 1.39%, higher at $92.76, while US West Texas Intermediate crude gained 49 cents, or 0.57%, to $86.53.
In the previous session, oil prices initially fell by more than $3 a barrel after US officials played down the need for further military strikes against Iran. Prices later pared some losses after an Iranian security official said no talks were taking place between the two sides.
"Oil prices are being supported by fading hopes of an imminent de-escalation," UBS analyst Giovanni Staunovo said.
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