Oil up 1% after Iran says no nuclear material will leave the country

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By Stephanie Kelly LONDON, Nov 11 (Reuters) - Oil prices rose about 1% on Wednesday after dropping to two-month lows in the previous session, after Iran's security chief said Tehran would not allow any enriched nuclear material to leave the country. Washington has said nuclear matters must be part of any initial negotiations with Tehran aimed at ending the US-Israeli war on Iran.

LONDON, Nov 11 (Reuters) - Oil prices rose about 1% on Wednesday after dropping to two-month lows in the previous session, after Iran's security chief said Tehran would not allow any enriched nuclear material to leave the country.

Washington has said nuclear matters must be part of any initial negotiations with Tehran aimed at ending the US-Israeli war on Iran.

Brent futures were up $1.22, or 1.3%, at $92.71 a barrel by 1412 GMT. US West Texas Intermediate crude gained $1.09, or 1.3%, to $87.13.

In the previous session, oil prices initially fell by more than $3 a barrel after US officials played down the need for further military strikes against Iran. Prices later pared some losses after an Iranian security official said no talks were taking place between the two sides.

"Oil prices are being supported by fading hopes of an imminent de-escalation," UBS analyst Giovanni Staunovo said.

There is little sign of attacks in the Strait of Hormuz easing after 37 ships were attacked in October, the highest monthly total since the start of the war, according to data from the Washington Institute for Near East Policy.

"There has been an increase of vessel attacks in the Gulf shipping lanes amidst uncertainty of the diplomacy talks," said June Goh, senior analyst at Sparta Commodities.

She added that the key driver for the market was whether Iran would engage with US demands to reach a diplomatic agreement.

Brent and WTI prices have fallen about 21% and 17%, respectively, since the start of the month on hopes of an end to the war.

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