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Oil rises as Iran resists

Oil rises as Iran resists

Oil prices rose about 1% on Wednesday after an Iranian official reaffirmed Tehran’s refusal to remove any enriched nuclear material from the country, dimming hopes of de-escalation. Brent crude climbed 1.4% to $92.77 a barrel, while West Texas Intermediate rose 0.9% to $86.80, amid risks of supply disruptions and reports that 37 vessels were targeted in and around the Strait of Hormuz during October. Russian refining capacity also fell 30% because of Ukrainian attacks, while U.S. crude inventories rose by 9 million barrels.

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