Crude Oil Rises for 4th Session

Crude oil rose toward $86 per barrel on Wednesday, extending gains for a fourth consecutive session as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz, keeping supply concerns elevated. President Donald Trump said there were no ongoing negotiations with Tehran while confirming that the US naval blockade remains in effect. Shipping risks in Hormuz also remain despite Trump’s claim that the waterway is open and mines have been cleared, with limited traffic still passing through the strategic route. Iranian forces have intensified hostilities over the past week, while eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month. In the US, industry data showed crude inventories fell by 328,000 barrels last week, following a 9.07 million-barrel increase in the previous week.

Crude oil rose toward $86 per barrel on Wednesday, extending gains for a fourth consecutive session as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz, keeping supply concerns elevated. President Donald Trump said there were no ongoing negotiations with Tehran while confirming that the US naval blockade remains in effect. Shipping risks in Hormuz also remain despite Trump’s claim that the waterway is open and mines have been cleared, with limited traffic still passing through the strategic route. Iranian forces have intensified hostilities over the past week, while eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month. In the US, industry data showed crude inventories fell by 328,000 barrels last week, following a 9.07 million-barrel increase in the previous week.

Crude oil rose to $85 a barrel on Tuesday as uncertainty over the Strait of Hormuz continued to support prices. Tensions remain elevated, with the US and Iran showing little sign of reaching an agreement over control of the key shipping route. President Donald Trump said Washington is not currently holding or planning talks with Tehran, while confirming that the US naval blockade remains in place. Despite his claim that Hormuz is open and mines have been cleared, shipping risks persist. A vessel was reportedly attacked while leaving the strait, suffering engine-room damage and a crew casualty, according to UK maritime authorities. Meanwhile, Gulf producers are finding alternative ways to maintain exports despite the disruption. Saudi Arabia has begun offering crude cargoes sourced from outside the chokepoint, suggesting it may be adopting measures similar to the United Arab Emirates to move oil through or around the affected area.