Oil prices jump $2 as Iran knocks hopes of diplomatic progress

Oil prices rose by more than $2 on Wednesday as Iran’s comments weakened expectations of diplomatic progress with the United States, Business Recorder reported. By 1048 GMT, Brent had climbed $2.06, or 1.9%, to $110.85 a barrel, while US West Texas Intermediate added $2.13, or 2.2%, to $99.95.

Brent was near a five-month high after reaching that level in the previous session, while WTI had touched a six-month peak. Market support also came from lower US crude, gasoline and distillate inventories: crude stocks declined by 4.9 million barrels in the week to October 16, according to market sources citing API data. Official US inventory figures were scheduled for release at 1430 GMT.