Oil prices rose during early trading due to unclear progress in US-Iran negotiations. Brent crude increased by 1.1% to $69.58 per barrel, while WTI crude rose 0.8% to $63.96 per barrel. Analysts at ING stated, "Geopolitical conditions continue to dictate the direction of oil prices." Although supply risks persist in the market, most analysts believe the likelihood of a significant escalation from a US attack on Iran, leading to disruption of oil shipments through the Strait of Hormuz, remains very low. Traders are currently awaiting the US crude inventory data and OPEC's monthly oil market report, both scheduled for release later on Wednesday.