Oil Prices Edge Higher as Iran Declines Direct Talks with U.S.
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Crude futures rose modestly while Iran refused direct negotiations with U.S. officials, and President Trump discussed military options with senior defense leaders.
Crude oil futures inched up on Wednesday, trading just below $69 a barrel, the lowest level since the conflict began in February. The price movement came as Iran's leadership declined to meet U.S. negotiators directly in Doha, leaving talks to be conducted through Qatari mediators.
President Donald Trump addressed reporters at Joint Base Andrews, saying the denuclearisation discussions were progressing and that the market response was positive. > "The denuclearisation of Iran is moving along well. They've had very good meetings and we'll see. We hit them very hard for three nights, as you know, but we're getting along very well," he said.
Trump also noted that oil prices had fallen, adding that lower fuel costs were benefiting consumers. > "The oil price is way down. We're down at 68. I see it hit 68 today," he said.
According to a report from the Wall Street Journal, Trump met with Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine to review all options, including the possibility of resuming broader military strikes. The president later indicated that a new round of attacks could undermine diplomatic efforts.
In a separate incident, a foreign cargo vessel ran aground in the Strait of Hormuz after deviating from a route designated by Iranian authorities, state media reported. The Islamic Revolutionary Guard Corps reiterated that ships must follow its directions when transiting the strategic waterway.
