WTI crude oil futures climbed more than 1% to around $95 per barrel on Wednesday, extending gains for a third consecutive session. The move followed comments from President Donald Trump, who stated that Iran had agreed not to pursue a nuclear weapon and indicated he might meet Supreme Leader Mojtaba Khamenei if progress continued in a positive direction. Despite these remarks, tensions between Washington and Tehran remained high as negotiations over an interim peace agreement proceeded.
The geopolitical backdrop was further unsettled by Israel’s expanding military operations in Lebanon. Trump confirmed that, in a recent phone call, he had urged Israeli Prime Minister Benjamin Netanyahu to de-escalate the conflict. Overnight, US and Iranian forces were involved in one of the most serious confrontations since the ceasefire began, with Kuwait and Bahrain drawn into the crossfire.
On the supply side, the latest data showed that US crude inventories fell by 6.8 million barrels last week, marking the sixth consecutive weekly decline in stockpiles.
