Oil gains on US–Iran tensions, better India demand

Oil prices gained on Wednesday, buoyed by escalating risk as US–Iran talks remained tenuous, while signs of an easing surplus spurred by better demand support from India also added strength. Brent crude oil futures were up 55 cents, or 0.80%, at $69.35 a barrel by 0356 GMT. US West Texas Intermediate crude rose 57 cents, or 0.89%, to $64.53. “Oil retains a bullish tail-risk bid as US-Iran talks continue but remain fragile, keeping the Strait of Hormuz risk premium supported amid ongoing sanctions pressure, tariff threats tied to Iranian trade, and heightened US regional military posture,” LSEG analysts wrote in a report.