Oil held a four-day run of gains as traders assessed the standoff in the Middle East between Iran and the US, with signs some crude is being shipped through the Strait of Hormuz to global markets.
West Texas Intermediate for October traded above $84 a barrel, while Brent closed near $92. Speaking to reporters on Wednesday, President Donald Trump maintained that there was “a lot of oil” passing through the waterway. Asked if he would restart talks with Tehran, Trump said “maybe at some point”.
Prices advanced on Wednesday, as the United Arab Emirates said that it was cutting all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. The UAE acts as a major financial and business hub for Iranians, and the move is likely to increase the Islamic Republic’s economic isolation as it seeks to resist continued US pressure after months of war.
Crude has rallied steeply this year following the outbreak of the conflict between Washington and Tehran, with the two sides locked in confrontation over Hormuz. Following attacks on shipping and the laying of sea mines, visible traffic remains far below normal levels, but Persian Gulf producers have become more adept at shipping out volumes covertly. The US military has now established a corridor in the waterway, Axios reported Wednesday.
US data also offered some support to prices. Refinery runs climbed to the highest since 2019, and nationwide distillate inventories — a key area of concern given tightness in the diesel market — fell to the lowest level in more than a month, according to the Energy Information Administration. That helped to offset a 4.4 million-barrel increase in crude stockpiles last week.
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This article was generated from an automated news agency feed without modifications to text.
