prices rise but stay below $100 a barrel on hopes of swift end to Iran war

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Premium gasoline prices above $6 per gallon and diesel fuel prices above $7 a gallon are displayed outside of a Shell gas station in West Hollywood, California, Tuesday.
Premium gasoline prices above $6 per gallon and diesel fuel prices above $7 a gallon are displayed outside of a Shell gas station in West Hollywood, California, Tuesday. 
Patrick T. Fallon/AFP/Getty Images

Oil prices are rising today but remain well below $100 a barrel as traders appear hopeful that the war with Iran will be over soon.

In an excerpt of an interview with Fox News released Tuesday, US President Donald Trump said he sees the Iran war as “very close to over.” However, Trump has repeatedly predicted the end of the war since just days after it began – only for fighting to continue.

Earlier Tuesday, Trump teased the prospect of more talks with Iran after last weekend’s negotiations in Islamabad failed to produce a deal, telling the New York Post “something could be happening” in Pakistan over the next two days.

By 6 a.m. ET Wednesday, Brent crude, the global oil benchmark, was 1.5% higher on the day at $96.2 a barrel. WTI, the US benchmark, rose by a similar amount to $92.5 a barrel.

Brent oil has now settled under $100 a barrel for five trading days in a row.

Writing in a note early Wednesday morning, Deutsche Bank analysts pointed to investors’ “hopes for a de-escalation between the US and Iran.”

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