WTI crude futures rose toward $95 per barrel on Wednesday, extending gains into a third straight session as persistent uncertainty over US-Iran peace talks and renewed conflict in the Middle East continued to underpin a geopolitical risk premium in oil markets. The US Central Command reported that Iran had fired ballistic missiles toward neighboring countries, while US forces launched strikes on Qeshm Island in response to what Washington described as attempted attacks linked to Tehran.
Despite the escalation, President Donald Trump maintained that negotiations with Iran were still underway, rejecting claims by Iranian state media that discussions with Washington had been suspended because of the fighting in Lebanon. In the US, industry data showed a 6.8-million-barrel draw in crude inventories last week. If corroborated by official government data due later on Wednesday, it would represent the sixth consecutive weekly decline in US crude stockpiles.
