Diplomatic Tensions in Qatar Over Iran Talks Drive Oil Prices Upward

Oil prices experienced a notable increase at the start of trading on Wednesday, following reports indicating that Iran would not directly meet with envoys of US President Donald Trump in Qatar. This development adds new pressure on the temporary ceasefire agreement, reached between warring parties in the four-month-long conflict. Brent crude futures climbed by 50 cents, or 0.69%, reaching $73.45 per barrel by 12:08 GMT. West Texas Intermediate (WTI) crude prices also rose by 63 cents, or 0.91%, to stand at $70.13 per barrel. US President's son-in-law, Jared Kushner, and envoy Steve Witkoff, had arrived in Doha yesterday, Tuesday, for what the White House described as "high-level" talks. However, both Iran and the host nation Qatar stated they would only meet with intermediaries, and not with Iranian officials themselves.