Crude oil climbed back above $92 a barrel on Wednesday, ending a five-session losing streak, as uncertainty continued over the prospects for a formal agreement to reopen the Strait of Hormuz. In an address to the UN General Assembly, Iran’s President Masoud Pezeshkian rejected limits on Iran’s civilian nuclear program and reiterated Tehran’s opposition to a US military presence in the Middle East. He added that Iran remained open to dialogue and diplomacy but would not accept negotiations conducted under pressure.
At the same time, Saudi Arabia is preparing to resume exports through its East–West pipeline in the coming days, a move that could enable it to bypass the Strait of Hormuz and step up shipments.
On the supply side, US crude inventories rose by 2.969 million barrels to 426.4 million barrels last week, according to the EIA, defying expectations for a 641,000-barrel draw. The build was larger than the 1.8-million-barrel increase reported by the API. By contrast, gasoline and distillate inventories declined.
