Oil Prices Remain Stable Amid Rising US‑Iran Tensions

Oil prices remained steady on Wednesday, having risen to over a one‑month high earlier as fighting in the Middle East intensified.

Brent crude futures rose 0.3% to $94.96 per barrel, marking a third straight gain and reaching the highest point in nearly six weeks as escalating U.S.–Iran fighting raised concerns about potential disruptions to energy supplies through the Strait of Hormuz.

WTI crude futures edged up to $90.28 per barrel, recovering some of earlier gains as signs emerged that crude supply continues to reach the market.

U.S. Energy Secretary Chris Wright reported that 17 million barrels of oil passed through the Strait of Hormuz on Monday, the highest flow since Iran’s conflict had previously curtailed traffic.

He also said that anticipated oil agreements in Caracas could more than double Venezuela’s crude output within the next few years.

In response, Tehran fired missiles and drones at U.S.-linked sites in Bahrain, Jordan and Kuwait, defying a warning from President Trump that any Iranian retaliation would be met with a much stronger U.S. response and that the United States was still awaiting “the biggest attack of them all.”

The strikes occurred shortly after U.S. Central Command announced a new series of attacks on Iranian IRGC targets, citing Tehran’s alleged efforts to lay mines in the Strait of Hormuz and a prior assault on a U.S. military base.

At a G20 finance ministers’ meeting, U.S. Treasury Secretary Scott Bessent stated that the Strait of Hormuz will be bypassed within two years, predicting that it will turn into “a worthless lake” as oil shipments shift to overland routes.

Elsewhere, Russian forces carried out a large missile and drone strike on energy infrastructure in Ukraine’s southern Odesa region overnight, in retaliation for Ukrainian attacks on Russian targets.

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