Oil prices rise after five-day losing streak

Crude oil prices rose Wednesday after five days of losses as the market weighs the ongoing supply disruption in the Middle East against renewed efforts at diplomacy.

Brent crude, the international benchmark, rose 2.4% to $101.61 per barrel by 10:34 a.m. ET. U.S. West Texas Intermediate  was up 1.5% to $91.84 per barrel.

U.S. crude oil prices are down more than 8% on the week while Brent has lost 2%. President Donald Trump said Tuesday that U.S. officials had a “very good meeting” with Iran’s delegation and that it lasted about three hours.

Earlier in his address to the U.N., Trump said he has a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.

Reuters reported on Tuesday that Iran could reopen the Strait of Hormuz within a week if the U.S. agrees to ease military pressure and lift its blockade of Iranian ports.

“Pakistan’s mediation efforts with Tehran could also reduce the risk of a broader escalation,” said Paolo Broccardo, chief executive officer at private digital bank BankPro.

Oil prices are also unlikely to see a huge jump for now, he said.

“Over the past five consecutive sessions, the price has fallen by almost 12%, retreating once again from the ‘intervention zone’ above $100, where we have repeatedly seen intensified peace-building efforts from both sides,” Broccardo said.