Crude oil fluctuated between modest gains and losses on Wednesday, trading near $90 a barrel after a two-session rally had pushed prices to a six-week high. Market participants continued to balance heightened supply risks from ongoing hostilities in the Middle East against indications that crude flows remain largely intact.
US Energy Secretary Chris Wright said 17 million barrels of oil moved through the Strait of Hormuz on Monday, the highest daily volume since the conflict began. Data from Kpler showed that four commodity vessels transited the strait on Tuesday, down from ten on Monday.
The United States conducted additional strikes on Iran and warned of the possibility of more severe attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz, while Iran said it had targeted US assets in Bahrain, Jordan, Kuwait, and Iraq. These latest attacks, which began early this week and were the first in nearly a month, have further complicated efforts to bring the conflict to an end.
