Brent crude futures hovered around $95 per barrel on Wednesday, swinging between gains and losses as markets weighed diplomatic efforts for a second round of US–Iran peace talks against the near-complete disruption of oil flows through the Strait of Hormuz. President Donald Trump said negotiations could resume within days and suggested the war may be nearing an end, even as US forces continue to constrain Iranian oil exports.
US naval operations have effectively brought most Iran-linked maritime trade to a standstill, while Tehran is reportedly considering curbing shipments further to avoid additional escalation. The conflict has triggered a major supply shock, driving up fuel prices and dampening consumption. The International Energy Agency now expects global oil demand to decline this year.
Analysts anticipate continued price volatility, with any rebound in supply likely to be slow because of significant logistical bottlenecks. Meanwhile, data from the American Petroleum Institute showed US crude inventories rose by 6.1 million barrels last week, the eighth consecutive weekly increase.
