Oil prices rose on Wednesday on concerns breakdowns in discussions between Iran and the U.S. for a final agreement to end their war may extend supply disruptions in the key Middle East producing region. Brent futures rose 33 cents, to $73.28 a barrel at 0339 GMT, while U.S. WTI crude climbed 34 cents, to $69.84 a barrel.
If shipping through the Strait of Hormuz normalizes this summer, traded volumes of liquefied natural gas (LNG) could still be at the level of last year despite impact from the Middle East war, according to Shell PLC.
Curious Minds Corner
What is a reservoir rock?
A porous and permeable rock that stores and transmits hydrocarbons.