Oil prices remained largely unchanged despite a significant build in U.S. crude inventories, as geopolitical tensions between the U.S. and Iran continue to be the primary market driver.
Brent and WTI futures hovered near seven-month highs, influenced by the upcoming third round of nuclear talks between the U.S. and Iran scheduled for Thursday. While a substantial increase in U.S. crude stockpiles was reported, market participants are more concerned about potential supply disruptions stemming from the Middle East conflict.
Analysts suggest that even if Iran's oil production is impacted, Saudi Arabia has plans to increase its output to compensate. Additionally, OPEC+ is considering a modest production increase for April.
The market is also factoring in tariff uncertainties and awaits official EIA data for inventory confirmation.
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