Crude oil climbed above $85 per barrel on Wednesday, marking a fourth straight session of gains, as the US and Iran showed little sign of reaching a deal to end the conflict or fully reopen the Strait of Hormuz, keeping supply risks in focus. President Donald Trump said there were no active negotiations with Tehran and confirmed that the US naval blockade remains in place.
Despite Trump’s assertion that the waterway is open and mine threats have been removed, shipping risks through Hormuz persist, with only limited traffic moving along the key route. Iranian forces have escalated hostilities over the past week, and there have been eight reported attacks this month on vessels transiting the strait, including ships linked to the UAE and Saudi Arabia.
In the US, industry data indicated that crude inventories fell by 328,000 barrels last week, partially offsetting the prior week’s sharp build of 9.07 million barrels.
