WTI crude oil futures were little changed around $74.60 per barrel on Wednesday, pausing after a three-session advance, as traders weighed a US proposal to provide naval escorts for tankers transiting the Strait of Hormuz. President Donald Trump said the US International Development Finance Corporation would insure vessels to help keep energy and trade flows uninterrupted, with naval protection available if necessary.
The initiative comes amid growing disruptions following the closure of a key waterway. Nonetheless, uncertainty remains elevated as hostilities entered a fifth day, with Israel launching a broad wave of strikes on missile sites, air defenses, and critical infrastructure. Iraq, a major oil producer, has also started shutting operations at some of its largest oil fields, a move that could sharply curb national output.
Meanwhile, data from the American Petroleum Institute showed US crude inventories rose by 5.6 million barrels last week, following an 11.4 million-barrel build the previous week and far exceeding expectations for a 2.19 million-barrel increase.
