Oil up 1% after Iran says no nuclear material will leave the country

Oil climbed around 1% on Wednesday, recovering from lows reached in the prior session as Iran rejected allowing enriched nuclear material to be taken out of the country. Business Recorder reported Brent at $92.77 a barrel, up $1.28 or 1.4%, while US West Texas Intermediate reached $86.80, a gain of 76 cents or 0.9%, at 0934 GMT.

The move came amid continued uncertainty over US-Iran diplomacy and safety in the Strait of Hormuz. The Washington Institute for Near East Policy recorded 37 vessel attacks in October, the highest monthly count since the war began, while US crude inventories rose by 9 million barrels in the latest week, according to market sources citing API data. Official US stock figures were expected later Wednesday.

Shipping disruptions could persist even if the countries reach an agreement, LSEG Oil Research said, citing mine clearance, insurance expense and shipowners’ willingness to sail. Separately, Ukrainian drone attacks have cut Russian refining capacity by about 30% since late October, according to industry sources.