Crude oil trimmed earlier losses and traded just below $83 a barrel on Wednesday, after two straight sessions of declines, as signs of rising flows from the Persian Gulf eased supply concerns. Market participants are closely monitoring talks between Iran and Oman over a potential framework to restore shipping through the Strait of Hormuz. US President Donald Trump said that roughly 10 million barrels of oil had passed through the key waterway on Tuesday, bolstering hopes that recent disruptions may be subsiding.
At the same time, satellite data suggested that Saudi Arabia may be stepping up oil loadings from terminals within the Persian Gulf. Iran and Oman are also said to be exploring a broader agreement on managing traffic through Hormuz, though it remains unclear whether Washington would accept any deal that does not include the United States. In the US, EIA data showed that crude inventories were essentially flat last week, while gasoline and diesel stocks fell to seasonal lows.
