Oil prices remained volatile on Wednesday as escalating tensions in the Middle East heightened concerns over potential disruptions to global crude supplies.
International benchmark Brent crude futures for November delivery rose less than 0.1 per cent to $94.70 a barrel as of 4:39 a.m. ET, after earlier gains. US West Texas Intermediate crude futures for October delivery fell 0.16 per cent to $90.08 per barrel, having gained about one per cent earlier in the session.
The price movements came after the United States launched its latest round of attacks on Iran, while Tehran reportedly retaliated with drone and missile strikes against US regional allies, including Kuwait, Jordan and Bahrain.
The U.S. Central Command said the latest strikes followed what it described as recent attempted attacks by Iran’s Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz and American service members.
Tensions around the strategic waterway intensified after a tanker was struck by three unidentified projectiles while transiting the Strait of Hormuz on Monday, according to the United Kingdom Maritime Trade Operations Centre.
U.S. President Donald Trump said he was not seeking to force Iran into negotiations, insisting that Washington’s position had strengthened amid the escalating conflict.
“I’m not trying to force Iran to the bargaining table,” Trump said in a post on Truth Social.
He added that he preferred Washington’s current position, citing what he described as “almost total control” of the Strait of Hormuz and the collapse of Iran’s economy.
Analysts said the prolonged conflict could keep crude prices elevated and increase day-to-day volatility as markets respond to developments around sanctions, negotiations and the security of oil shipments.
“The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile,” said Edward Rosenberg, head of ETFs at Strategy Shares.
“Sanctions, stalled negotiations, and mixed signals on whether Iran wants the war to end are swinging prices day to day, not just holding them high,” he added.
Boluwatife Enome
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