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Oil Gains Amid Iran-US Deal Uncertainty
Oil prices rose today, Wednesday, due to increasing concerns over potential disruptions to oil supplies in the Middle East, especially amid deteriorating relations between the United States and Iran, and attacks on ships in the Strait of Hormuz and the Bab el-Mandeb Strait. Despite the rise in U.S. oil inventories, prices for Brent and West Texas Intermediate continued to increase as the market anticipated a possible rise in supply disruptions until the end of 2027. An Iranian official stated that the Strait of Hormuz will remain closed unless Washington meets Tehran’s demands regarding the release of frozen assets and the end of regional conflicts, amid a decline in maritime activity through the Straits. Meanwhile, data suggests expectations of a decrease in U.S. oil inventories last week, despite official reports showing a sharp increase.
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