Brent Near $94

Brent edged down to approach $94 a barrel on Wednesday, pausing a two-session rally that had lifted prices to a six-week high. Traders continued to weigh elevated supply risks stemming from ongoing hostilities in the Middle East against signs that crude supplies were still reaching the market. The US carried out further strikes on Iran and Washington threatened more devastating attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. However, US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began. Meanwhile, US President Trump said he “couldn’t care less” whether Iran signs an agreement to reopen the Strait of Hormuz. The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict.

Brent hovered around $94 a barrel on Wednesday, close to 6-week highs, following a rally over the previous two sessions. Hostilities in the Middle East remained elevated, with the US carrying out further strikes on Iran and Washington threatening more devastating attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. Meanwhile, US President Trump said he “couldn’t care less” whether Iran signs an agreement to reopen the Strait of Hormuz. The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict and raised the risk of further disruptions to oil supplies. However, US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began.

Brent crude traded around $95 per barrel on Wednesday, hovering at its highest levels in nearly six weeks as escalating hostilities between the US and Iran heightened concerns over further disruptions to energy flows from the Middle East. The US military launched fresh strikes against Iranian targets around the Strait of Hormuz, which President Donald Trump said were retaliation for Tehran’s attempts to lay mines in the waterway and for an earlier attack on a US military base. Trump also threatened a significantly larger response should Tehran retaliate. Iran said it had already responded by targeting US bases in the region and firing missiles toward Jordan. Meanwhile, US Treasury Secretary Scott Bessent said Iran’s bankruptcy is in the “acceleration phase,” while noting that 17 million barrels of crude passed through Hormuz on Monday, suggesting Tehran does not have control of the strategic waterway.