FX.co ★ Oil Edges Higher on US-Iran Uncertainty

Crude oil rose toward $85 per barrel on Wednesday, trading near six-week highs as supply risks intensified across several major export routes beyond the Middle East. President Donald Trump ruled out the prospect of near-term talks with Iran, while warning of further strikes and vowing to retaliate if Tehran-backed Houthi rebels in Yemen disrupt shipping through the Red Sea. The Red Sea has become a critical export corridor for Saudi Arabia during the conflict, allowing the kingdom to divert part of its crude shipments through pipelines and lessen its dependence on the Strait of Hormuz. Meanwhile, a Kuwaiti tanker carrying oil products was hit in the Strait of Hormuz, highlighting ongoing threats to maritime traffic. Beyond the Middle East, traders are also tracking a series of attacks on the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, a key export hub for the bulk of Kazakhstan’s crude.