WTI crude futures climbed above $95 per barrel on Wednesday, extending gains for a third consecutive session as persistent uncertainty over US-Iran peace talks sustained a geopolitical risk premium in oil markets. Iranian media reports have raised doubts about the progress of negotiations, even as President Donald Trump insists that discussions are still underway.
According to those reports, Trump is pushing for written commitments from Iran on specific nuclear-related concessions as part of a preliminary framework to end the conflict, following earlier verbal assurances from Tehran on certain elements of its nuclear program. The absence of a breakthrough has intensified concerns that global crude stockpiles may need to be drawn down further.
In the US, industry data showed that crude inventories fell by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth straight weekly decline in US crude stockpiles.
