Muscat: Oil prices rose at the start of trading on Wednesday after Iran said it would not meet directly with envoys of U.S. President Donald Trump in Doha, clouding hopes for a broader agreement to end the conflict and ease supply disruptions in the region.
Brent crude futures rose 14 cents, or 0.19 per cent, to $73.09 a barrel, while U.S. West Texas Intermediate crude gained 11 cents, or 0.16 per cent, to trade at $69.61 a barrel.
The market reaction came after U.S. envoy Steve Witkoff and Jared Kushner, Trump’s son-in-law, arrived in Qatar for what the White House described as high-level discussions.
Read More
- Musandam’s non-oil economy gains momentum as investment oppportunities expand in Oman
- Muscat Stock Exchange financial index hits 18-year high as banking stocks lift market
- Oman private bank deposits rise 12.45% to RO 19.37 billion
- Oman unveils RO 1.95 billion investment opportunities in Dhofar
- Salalah to host key Oman-Saudi economic coordination meeting
However, Iranian and Qatari officials said there would be no direct meeting between the U.S. representatives and Iranian officials. Instead, the American delegation was expected to hold discussions with Qatari mediators.
The development has added pressure on the fragile diplomatic process aimed at stabilising the region and improving crude flows through the Strait of Hormuz, a key global energy shipping route.
Oil prices had fallen sharply in recent weeks amid hopes that progress in diplomacy would bring an end to the conflict and reduce risks to Middle East oil supplies. Brent crude recorded its steepest quarterly decline since the global financial crisis in 2008, while U.S. crude posted its biggest quarterly fall since the COVID-19 demand collapse in 2020.
