Oil Prices Reached A New Peak

Oil prices reached a new peak. The US-Iran conflict was reflected as an increase in oil prices.

Oil prices hit a 2.5-year high again on Wednesday as the US and Iran failed to reach an agreement to lift sanctions. The parties meeting in Vienna under the leadership of the European Union for the renewal of the 2015 nuclear deal failed to agree on sanctions on Iran's oil exports. President Hasan Rouhani's Chief of Staff, Mahmut Vaizi, reported that good progress has been made regarding economic issues, but no agreement has yet been reached on sanctions on oil exports. According to data from the American Petroleum Institute, US crude oil inventories continued to decline last week, while gasoline inventories decreased by 2.4 million barrels. West Texas Intermediate oil traded around $70.23, up 0.24% on the Nymex market, after climbing as high as $70.62 per barrel during the day. Brent oil traded at $72.31, up 0.26% after exceeding $72.83 a barrel on the London ICE Futures Europe market.