Oil Rebounds After Sharp Iran War Selloff
Rigzone · K. Matsuyama, C. Gorrivan ·
Crude recovered as hopes for easing Iran tensions competed with persistent geopolitical risks.
Brent crude rose, as traders parsed the outlook for the US war on Iran following a steep selloff a day earlier after Democrats took control of Congress in a landslide win.
The global benchmark settled nearly 4% higher at above $98 a barrel, after losing almost 9% on Wednesday. West Texas Intermediate edged up 2.7% The war, now in its ninth-month, has proven highly unpopular among US voters who punished President Donald Trump's Republican Party at the polls. Trump has said he has no immediate plans to launch new strikes on Iran, though added the US is still prepared for an escalation. Democrats have pledged to end the conflict.
Prices pared some gains on Thursday after the New York Times reported Iran is reviewing proposals presented by mediators about its nuclear program, suggesting recent diplomatic efforts by Qatar to prevent a resumption of full military conflict is having some success.