Oil prices mixed as investors weigh Middle East escalation, chance of Ukraine peace deal
Both oil contracts hit six-week highs during the session
Oil prices were mixed on Thursday, Sep 3, as investors weighed the potential impact of the Middle East escalation and the possibility of a Ukraine peace deal. Brent crude futures settled down 11 cents, or 0.12%, at US$95.52 a barrel, while US West Texas Intermediate crude futures rose 29 cents, or 0.32%, to US$91.30. The mixed performance was supported by concerns about potential disruptions to Middle East supplies following US strikes on Iran and Israeli threats against Tehran.
However, comments from Russian President Vladimir Putin signaling openness to peace negotiations with Ukraine provided a counterbalance, as such developments could ease concerns about Russian fuel supply disruptions.
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