15:34:20
Oil prices held steady near seven-month highs, with focus on key US-Iran talks. 1. Oil prices hovered near seven-month highs on Wednesday, with WTI crude currently trading around $66.01 per barrel, close to Tuesday's closing price. On Monday, prices touched $67.28 per barrel, a new high since August 4th. Market concerns persist about a potential military conflict between the US and Iran that could disrupt supply, despite the third round of nuclear talks scheduled for Thursday in Geneva. 2. Iranian Foreign Minister Araqchi stated on Tuesday that an agreement is "within reach, but only if diplomatic means are prioritized." IG analysts noted that Trump warned of "extremely bad consequences" if no agreement is reached, and it remains to be seen whether Iran's concessions will meet the US's "zero enrichment" red line. 3. Tensions continue to escalate, with reports that Iran is accelerating negotiations with a major Asian power to purchase anti-ship cruise missiles, which could target the US fleet assembled near Iranian waters. 4. While geopolitical risks support oil prices, the market also faces oversupply pressures. API data showed that U.S. crude oil inventories rose sharply by 11.43 million barrels last week, far exceeding expectations. The EIA's official inventory report will be released later, which may exert short-term downward pressure on oil prices.