Global oil prices are rising: what are the main reasons?
11 February 16:37
Global oil prices rose slightly today, February 11, as negotiations between the US and Iran failed to make significant progress. There has also been an increase in demand for energy resources from India.
This was reported by "Komersant Ukrainian" with reference to Reuters.
Brent crude oil futures rose 55 cents, or 0.80%, to $69.35 per barrel. The price of US West Texas Intermediate crude rose 57 cents, or 0.89%, to $64.53.
“Oil remains risky as negotiations between the US and Iran continue but remain fragile, supporting the risk premium for the Strait of Hormuz amid ongoing sanctions pressure and tariff threats related to Iranian trade,” LSEG analysts note.
A spokesman for the Iranian Foreign Ministry said on Tuesday that nuclear talks with the US had allowed Tehran to assess the seriousness of Washington’s intentions and demonstrated sufficient consensus to continue the diplomatic course.
Although oil prices initially fell after Oman’s foreign minister said that talks between Iran and the US had been productive, hopes for a peaceful settlement were later dashed by reports that the US might send a second aircraft carrier to the Middle East.
Oil prices were also supported by signs of a decline in the surplus, as markets absorbed some of the excess barrels seen in the last quarter of 2025.
“Given the return of the main oil market to normal levels and growing demand in India, oil prices are likely to remain high in the near term,” said Vortexa market analyst Xavier Tang.
Traders are also awaiting weekly data on US oil inventories from the Energy Information Administration.
Yesterday, February 10, global oil prices fell as traders assessed the potential for supply disruptions amid the crisis between the US and Iran.
