Brent Jumps Nearly 3% as Iran Denies Any Talks With Washington

AI Summary

Brent crude rose nearly 3% and WTI nearly 2% as Iran denied negotiations with Washington and analysts saw no near-term end to the war. Heating oil gained 4.1%, while the market reversed some earlier losses tied to expectations that the conflict was winding down.

Brent crude rose nearly 3% on Wednesday to $93.90per barrel at 11:18 a.m. ET, more than doubling its 1.4% gain at 9:27 a.m., as Iran denied it is negotiating with Washington and analysts saw no near-term end to the war. WTI rose nearly 2% to $87.98, and heating oil, the U.S. diesel benchmark, jumped 4.1%. The gains came as Saudi Arabia reported October output near pre-war levels. Since the start of November, Brent had lost about 21% and WTI about 17% on bets that the war was winding down. Iran’s top security official, Mohsen Rezaei, denied…