FX.co ★ Oil Rises as Iran Tensions Persist

WTI crude oil futures climbed back toward $100 per barrel on Wednesday, paring earlier gains of more than 3% after President Donald Trump signaled that a deal to halt military operations in Iran might be possible. He nonetheless warned of major strikes on key infrastructure, including Kharg Island, if the Strait of Hormuz is not reopened. Prices had risen more sharply earlier in the session as the US deployed additional troops to the region and Iran-aligned Houthi forces in Yemen entered the conflict, further heightening tensions. The war has effectively choked off the vital Strait of Hormuz, a route for about one-fifth of global oil shipments, stoking concerns over supply disruptions and driving crude sharply higher in recent weeks. Now in its fifth week, the conflict has intensified attacks across the region and pushed oil prices up by roughly 50% in March, marking one of the steepest monthly rallies on record.