LONDON, United Kingdom / MENA Newswire / – Brent crude rose to US$92.20 a barrel on Wednesday, recovering from the two-month lows it reached in the previous session. The benchmark gained 71 cents, or 0.78%, by 01:19 GMT in early Asian trade. US West Texas Intermediate crude advanced 49 cents, or 0.57%, to US$86.53. The market swung between hopes for an easing of the Iran war and concerns about attacks on shipping in the Strait of Hormuz.
The rebound followed a sharp drop on Tuesday, when Brent settled down $1.08, or 1.17%, at US$91.49. WTI closed at US$86.04. Crude initially lost more than $3 a barrel after US officials signalled that further military strikes on Iran were not needed. Prices then pared losses when an Iranian security official said no talks were under way between Tehran and Washington. Both contracts had touched their lowest levels since late August.
US President Donald Trump said on Monday he would hold off on new strikes against Iran for now after appeals from countries in the region, including Qatar. On Tuesday, Secretary of State Marco Rubio told G7 foreign ministers meeting in Paris that sanctions and a naval blockade were working well. The G7 includes Canada, Britain, France, Germany, Italy, Japan and the United States. The World Bank expects commodity prices to jump 23% in 2026 amid such shocks.
Nuclear stance lifts prices later in the day
Gains widened during the European session. Brent was up $1.22, or 1.3%, at US$92.71 a barrel by 14:12 GMT, and WTI rose $1.09 to US$87.13. The rise came after Iran’s security chief said Tehran would not let any enriched nuclear material leave the country. Washington has said nuclear matters must form part of any initial talks to end the US-Israeli war on Iran. UBS analyst Giovanni Staunovo said fading hopes of an imminent de-escalation were supporting prices.
Before the conflict began in February, about 20% of global oil supplies moved through the Strait of Hormuz. The Washington Institute for Near East Policy recorded 37 attacks on ships in October, the most in any month since the war started. On Tuesday, a tanker was struck northeast of Lima in Oman, according to British maritime authorities. Iran’s Revolutionary Guards Navy said two tankers caught fire after hitting naval mines in the strait.
Stockpiles and Russian supply in focus
June Goh of Sparta Commodities said vessel attacks in Gulf shipping lanes have risen as diplomacy remains uncertain. LSEG Oil Research said even a deal might not quickly lift flows, given mine clearance, insurance costs and shipowners’ reluctance to take risks. Supply concerns have also reached store shelves, with Costco capping weekly motor oil purchases in September. US crude inventories rose by 9 million barrels last week, according to American Petroleum Institute figures cited by market sources.
Official US inventory data from the government was due later on Wednesday. In Russia, a regional governor said a drone attack sparked a fire in the port area of Ust-Luga on the Baltic coast, injuring three workers. Russian refining capacity has dropped by about 30% since late October following renewed Ukrainian drone strikes, industry sources said. Russian and Ukrainian officials held their first peace talks since February in Abu Dhabi on Tuesday.