WTI snaps five-day losing streak as US-Iran talks fall short of breakthrough

West Texas Intermediate (WTI) oil has reversed a five-day decline after a meeting between US and Iranian officials produced no significant breakthrough. WTI prices climbed over 2.5% to around $92 per barrel, after dipping to $88.27, its lowest level in over two weeks. US Secretary of State Marco Rubio described the talks as "positive but not a breakthrough," stating they were a continuation of previous discussions.

Iranian officials revealed that reopening the Strait of Hormuz and lifting the US blockade were discussed, despite many differences remaining between the two sides. Saudi Arabia's restart of its East-West pipeline has lessened some supply worries, yet shipping through Hormuz remains significantly restricted. Traders are hesitant to drive oil prices lower due to ongoing supply disruptions.

Meanwhile, US crude inventories increased by 2.969 million barrels last week, exceeding expectations, which may support oil prices. WTI oil, sourced in the United States and distributed via Cushing, is considered a high-quality benchmark crude. Its price is influenced by factors such as global growth, political instability, OPEC's decisions, and the US Dollar's value.