Oil Holds Near $99 as Middle East Risks Outweigh Iran Peace Hopes

oilprice.com —

WTI crude oil holds near $99 per barrel as Middle East supply threats and falling U.S. inventories offset hopes for diplomatic progress with Iran, leaving prices nearly unchanged for the week. December WTI opened at $99.04, rallied to $101.37, then dropped to $95.25 on peace-talk headlines before recovering. Iran discussed mediation with Pakistan, but no direct U.S.-Iran negotiations occurred, so traders dismissed the diplomatic signal. Houthi attacks on Saudi targets and shipping near the Strait of Hormuz sustained risk premiums, while U.S. crude stocks fell by 3.1 million barrels. Technical analysts watch $99.04 as the key level for Friday's close.


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