LONDON: Oil prices climbed more than 1 percent on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed US demand was relatively strong.
Brent crude futures were up 99 cents, or 1.5 percent, at $68.13 a barrel at 12:02 p.m. Saudi time, while US West Texas Intermediate crude gained 94 cents, or 1.5 percent, to $65.31.
Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
Prices had rallied to five-month highs after the US attacked Iran’s nuclear facilities over the weekend.
“Concerns about oil supply disruptions have declined,” said Giovanni Staunovo, commodity analyst at UBS. “The drawdown shows that demand is still holding up in the US, the trade tensions were not as bad as some were fearing.”
