Oil rebounds on Iran peace deal uncertainty and inventory drawdowns

Oil prices edged higher as investors watched U.S.-Iran peace talks, while supply tightness and U.S. inventory drawdowns added support. The move is modest and reflects a cautious risk backdrop, with geopolitics and tighter physical balances keeping a floor under crude. No major price catalyst or policy shock was reported.

Analysis

Oil prices edged higher as investors watched U.S.-Iran peace talks, while supply tightness and U.S. inventory drawdowns added support. The move is modest and reflects a cautious risk backdrop, with geopolitics and tighter physical balances keeping a floor under crude. No major price catalyst or policy shock was reported.