WTI crude futures rebounded toward $93 per barrel on Wednesday, with volatility expected to remain elevated as traders monitored fast-moving developments in the Middle East and a steady flow of headlines for indications that the conflict could soon ease and traffic through the Strait of Hormuz might resume.
The US military said it had completely halted commercial traffic to and from Iranian ports. However, shipping data showed that several Iran-linked vessels were still transiting the strait.
Separately, The Washington Post reported that the US Department of Defense plans to deploy an additional 6,000 troops to the region in the coming days, with a further 4,200 expected by the end of the month. Israeli forces also conducted airstrikes on towns in southern Lebanon.
These developments come as a second round of talks between the US and Iran is expected in the near term. US President Trump said the conflict is “very close to over,” adding that Iranian authorities appear willing to reach a peace agreement.
