Brent crude futures climbed 0.69% to $73.45 a barrel in early Wednesday trading, while US West Texas Intermediate (WTI) rose 0.91% to $70.13.
The gains followed reports that Iran has declined to hold direct talks with the United States, casting doubt on the near-term prospects for a diplomatic resolution to the ongoing conflict.
The price action reflects persistent market anxiety over supply disruptions.
With no peace talks in sight, traders are maintaining a risk premium on energy assets, wary that the conflict could escalate further or disrupt shipping routes in the region.
The lack of a clear de-escalation path keeps the floor under oil prices elevated.
Iran’s foreign ministry issued a statement declaring that no meaningful progress had been made in ongoing peace talks, marking a significant setback in efforts to reduce regional tensions.