US-Iran hostility sees oil prices rise and shares fall

Oil prices rose and share prices dropped due to heightened tensions between the US and Iran. The price of Brent crude moved back above $100 a barrel, with The National UAE reporting it briefly topped $106 a barrel. According to The National UAE, Brent jumped 2.18 per cent to $105.33 a barrel and West Texas Intermediate added 1.77 per cent to $93.79 per barrel.

The increase in oil prices was attributed to fading hopes for a diplomatic breakthrough between the US and Iran after talks in New York yielded little progress, as per The National UAE. The National UAE also reported that Iranian officials sent mixed signals, with Foreign Ministry spokesman Esmaeil Baghaei saying conditions for reviving diplomacy were conveyed through Qatar, while security chief Mohsen Rezaei stated that Iran's conditions for talks with the US had not changed.

The price movements were a reversal of sharp falls on Tuesday, when expectations of clarity on the conflict had led to losses. Brent is now up 5.5 per cent this week, while West Texas Intermediate has gained about 2 per cent, according to The National UAE.

Brief written by urgent.news from Middle East Eye, The National UAE — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.