Crude oil rose back above $90 a barrel on Wednesday and was on track for a monthly gain of more than 5%, as uncertainty surrounding US–Iran negotiations continued to underpin prices. Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal on reopening the Strait of Hormuz, following Iran’s submission of its own conditions last week.
Despite the diplomatic stalemate, Middle East crude supply has recovered to near pre-war levels. Saudi Arabia has resumed shipments from Yanbu after restoring operations on its East–West pipeline, which offers an alternative export route that bypasses Hormuz. The 10‑day average of Middle East crude exports is estimated at 17.5 million barrels per day, or about 98% of pre-war volumes.
In the US, data from the American Petroleum Institute showed that crude and gasoline inventories rose last week, while distillate stocks fell. Official figures from the Energy Information Administration were due later on Wednesday, with analysts expecting total crude and refined product inventories to have declined.
