Crude oil held above $83 per barrel on Wednesday after climbing for four straight sessions, as investors weighed conflicting signals over a possible agreement between the US and Iran. Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” concerning the Strait of Hormuz, while reports suggested that talks between Iran and Oman have reached an advanced stage.
These seemingly positive signs came on the heels of a tougher line from President Donald Trump, who this week said Tehran should pay reparations for those killed in attacks linked to the Islamic Republic. His comments followed a series of demands issued by Iran over the weekend, including calls for war compensation related to US and Israeli military operations in the country.
At the same time, industry data showed that US crude inventories rose by 9.1 million barrels last week, the biggest weekly increase since February.
