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Oil prices rose on Wednesday amid volatility, as markets awaited Washington’s next move in the war with Iran. Brent crude gained 0.8% to $104.42 a barrel, while West Texas Intermediate rose 0.5% to $96.59. Prices were supported by a 5.27 million-barrel drop in U.S. crude inventories in the week ended October 30, despite analysts’ expectations for an increase of about 880,000 barrels. The risk of supply disruptions near the Strait of Hormuz remained, while conflicting signals about possible escalation and talks aimed at ending the war added to the uncertainty.
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