Oil prices rise on concerns about US-Iran tensions

Core Viewpoint - Oil prices are rising due to escalating tensions between the U.S. and Iran, overshadowing a significant increase in U.S. crude inventories [1] Oil Price Movements - Brent crude oil futures increased by 34 cents, or 0.49%, reaching $69.74 per barrel [1] - U.S. West Texas Intermediate (WTI) crude rose by 37 cents, or 0.57%, to $65.00 per barrel [1] - Both benchmarks had settled higher the previous day, with Brent gaining 0.87% and WTI gaining over 1.05% [1] U.S.-Iran Relations - U.S. President Donald Trump indicated that no definitive agreement was reached with Israeli Prime Minister Benjamin Netanyahu regarding Iran, but negotiations will continue [1] - Trump mentioned the possibility of sending a second aircraft carrier to the Middle East if a deal with Iran is not achieved [1] - Indirect talks between U.S. and Iranian diplomats took place last week, with the next round of talks yet to be scheduled [1] U.S. Economic Indicators - U.S. job growth unexpectedly accelerated in January, with the unemployment rate falling to 4.3%, indicating economic health [1] - The resilient U.S. economy is supporting expectations for oil demand [1] Crude Inventory Data - U.S. crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, significantly exceeding analysts' expectations of a 793,000-barrel increase [1] - Despite the inventory build, global oil inventory increases have generally been below expectations since the start of the year [1] Market Outlook - Oil prices are likely to remain biased to the upside due to the U.S.-Iran situation, tighter sanctions on Russian oil, and expectations of reduced exports [1]