Oil prices climbed on Wednesday as traders weighed Iran’s position on its enriched nuclear material against uncertain prospects for easing the U.S.-Israeli war. Iran’s Supreme National Security Council secretary Mohsen Rezaei said no enriched nuclear material would leave the country, according to Iranian news agency Tasnim and a Reuters report carried by Euronext.

Reuters reported that Brent crude futures were up 2.35% at $93.64 a barrel and U.S. West Texas Intermediate crude was up 1.96% at $87.73 at 12:04 p.m. Eastern time (1704 GMT). The report described the prices as a rebound from two-month lows reached the previous session.

Iran’s nuclear position adds uncertainty to oil outlook

Rezaei made the comments in a televised interview with Al Mayadeen, Tasnim reported. They state Tehran’s public position on retaining its enriched nuclear material; they do not establish whether any transfer has been proposed or what the stockpile’s status is. Washington has said nuclear issues must be part of initial negotiations with Tehran aimed at ending the war, Reuters reported.

Oil’s move was not a straight response to one announcement. Prices had fallen sharply in the prior session after U.S. officials played down the need for further strikes, then recovered some losses amid mixed signals about talks. Reuters said Brent and WTI were still down about 21% and 17%, respectively, since the start of November as hopes of de-escalation had weighed on prices.

Brent and WTI prices moved during the session

An earlier Associated Press market report put Brent at $93.13, up 1.8% on Wednesday. Reuters later recorded Brent at $93.64 and up 2.35% at its 12:04 p.m. Eastern snapshot. The figures are time-specific market updates, not conflicting closing prices.

Oil traders are also watching shipping and supply risks around the Strait of Hormuz, a key route for global crude. The market’s moves remain sensitive to changing diplomatic and security signals; the reported prices describe that session and are not a forecast.

In an earlier market update, The Globuzz covered an oil-price decline tied to hopes for de-escalation.

Sources: Reuters report republished by Euronext; Associated Press; Tasnim News Agency.

Explore more Finance news on The Globuzz.