Brent crude oil futures settled 60 cents, or 0.87 per cent,
Oil prices rise on Iran-US tensions despite inventory build
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Oil prices gained nearly one per cent on Wednesday, as investors worried about escalating tensions between Iran and the US, which were preparing to resume negotiations, while a weekly report showing a large build in US crude inventories limited gains.
Brent crude oil futures settled 60 cents, or 0.87 per cent, higher at $69.40 a barrel. US West Texas Intermediate crude gained 67 cents, or nearly 1.05 per cent, to $64.63.
"The market continues to be supported by the tension between the US and Iran and the on-again, off-again talks that don't seem to lead to any resolution," said Andrew Lipow, president of Lipow Oil Associates.
Trump mulls sending second aircraft carrier
On Tuesday, US President Donald Trump said he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran, even as Washington and Tehran prepared to resume talks. US and Iranian diplomats held indirect talks last week in Oman, amid a regional naval buildup by the US threatening Iran.
