Oil prices are slightly rising as we await developments in the Iranian file and an increase in US inventories.

Oil prices witnessed a slight increase during trading on Thursday, May 22, amid market monitoring of developments in the Iranian nuclear file and a sudden increase in US oil inventories.

Brent crude rose by 0.1% to reach $64.97 per barrel, while US crude increased by 0.2% to $61.68 per barrel.

Data from the US Energy Information Administration released on Wednesday showed a surprising increase in crude oil and fuel inventories for the week ending on May 16, with inventories rising by 1.3 million barrels to reach 443.2 million barrels, surprising analysts who had expected a decrease of the same amount according to a Reuters survey.

The price increase coincided with escalating expectations regarding the Iranian nuclear file, as the Omani Foreign Minister announced the fifth round of nuclear talks between Iran and America on Friday.

In a related context, CNN reported that US intelligence sources stated that Israel is preparing to strike Iranian nuclear facilities, noting that a final decision on this matter has not yet been clarified.

Iran ranks third among oil producers in OPEC, making any disruption in its production impactful on global markets, especially amid current geopolitical tensions.