Oil Markets Caught Between Iran War Risks and Emergency SPR Releases
AI Summary
Oil prices edged lower as traders weighed deliveries from the U.S. Strategic Petroleum Reserve against tentative efforts to resume talks with Iran. The reserve is near its lowest level since 1982, while unresolved conflict risks continue to threaten regional shipping and Saudi energy infrastructure.
Crude oil gave back ground on Thursday as traders weighed emergency supply against tentative efforts to reopen talks with Iran. Neither side has taken control. The U.S. Strategic Petroleum Reserve is delivering barrels, but the reserve is near its lowest level since 1982. Peace efforts have resurfaced, but no agreement has been reached, and the threat to regional shipping and Saudi energy infrastructure remains. On Friday, at 00:05 GMT, December WTI crude oil futures are trading at $102.77, down $0.67 or -0.65% for the week. The contract reached…