JAKARTA - Oil prices rose slightly on Thursday. Markets are still more concerned about supply disruptions through the Strait of Hormuz and declining US oil stocks than news of the US-Iran deal.
As reported by Anadolu Agency, Thursday, May 7, the price of Brent, the world oil benchmark, was trading at 101.65 US dollars per barrel at 09.30 local time or 06.30 GMT. The figure was up around 0.38 percent from the previous close.
West Texas Intermediate or WTI, the US benchmark, also rose 0.45 percent to 95.54 dollars per barrel. In the previous session, WTI was at 95.08 dollars.
Previously, a report on May 6 said Washington was close to signing a one-page memorandum of understanding with Tehran. The deal is said to aim to end the conflict and pave the way for broader nuclear negotiations. The news had previously pressured oil prices below $100 a barrel.
US President Donald Trump is reportedly waiting for final progress after his official visit to China next week. According to Axios, Trump expects Tehran's answer in 24 to 48 hours.
Trump said talks with Iran in the last 24 hours were "very productive" and a deal was "very possible."
However, Iran gave a different signal. Iran's Foreign Ministry spokesman Esmaeil Baghaei accused Washington of not being sincere.
"It takes good faith. Negotiations are not debates, not dictation, fraud, extortion, or coercion," Baghaei said, quoted by Anadolu.
At a time when diplomacy is unclear, supply risks remain looming. US Central Command or CENTCOM said an Iranian-flagged empty ship was seized after attempting to break through a blockade in the Gulf of Oman.
Oil prices were also supported by US stock data. The US Energy Information Administration or EIA recorded commercial crude oil inventories fell by around 2.3 million barrels last week to 457.2 million barrels.
U.S. strategic oil reserves also fell by 5.2 million barrels to 392.7 million barrels. Gasoline stocks fell by about 2.5 million barrels to 219.8 million barrels.
Oil prices rose slightly on Thursday. (Unsplash photo illustration)
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