FX.co ★ Oil Holds Gains as Iran Conflict Persists

WTI crude futures traded above $96 per barrel on Wednesday, extending gains after a nearly 3% rise in the previous session, supported by ongoing conflict in the Middle East and uncertainty over security in the Strait of Hormuz. Iranian state media confirmed the death of Ali Larijani, secretary of the Supreme National Security Council and a central figure in the country’s wartime leadership. Iran has stepped up attacks on regional energy infrastructure this week, including strikes in Saudi Arabia’s eastern province. At the same time, US allies have rejected President Donald Trump’s call to help protect commercial shipping through the Strait of Hormuz. Trump subsequently abandoned efforts to build a coalition for war with Iran and criticized allied governments. Nonetheless, Iran has allowed certain vessels safe passage through the narrow waterway, contingent on their political and commercial affiliations.