A pumpjack draws oil along State Highway 190 in Bryan, Texas, on Oct. 30 (local time). [AFP]
A pumpjack draws oil along State Highway 190 in Bryan, Texas, on Oct. 30 (local time). [AFP]

Global oil prices rose Wednesday (local time) for the first time in three sessions.

Brent crude futures for January delivery closed up 1.39 percent at $92.76 a barrel on the London ICE Futures Exchange. West Texas Intermediate crude futures for December delivery settled at $86.53 a barrel on the New York Mercantile Exchange, up 0.57 percent from the previous session.

Prices came under upward pressure as uncertainty grew over the prospects for end-of-war negotiations between the United States and Iran. Expectations for a deal weakened particularly after Iran's top security official reaffirmed that enriched uranium and other nuclear materials would never leave the country.

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, told a Lebanon-based outlet that he had informed Russia "the nuclear enriched materials will remain in Iran and we will use them ourselves," adding that not a single particle of enriched nuclear material would leave Iranian territory.

The United States has said any end-of-war negotiations must include the nuclear issue as a prerequisite.

"Oil prices are being supported as expectations for a de-escalation are fading," said Giovanni Staunovo, an analyst at UBS.


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