WTI crude oil futures climbed to about $66.20 per barrel on Wednesday, rebounding after two straight sessions of losses, as investors weighed supply risks ahead of a third round of nuclear talks between the United States and Iran. Iran’s deputy foreign minister said on Tuesday that the country would do “whatever it takes” to reach an agreement with Washington over its nuclear program. His comments followed President Trump’s statement on Monday expressing a preference for a deal, while simultaneously warning of serious consequences if negotiations fail.
Markets are closely watching the Strait of Hormuz, a vital chokepoint for global oil shipments, where any escalation could threaten supply flows. At the same time, traders are evaluating the potential impact on oil demand from new US trade measures, after Trump’s 10% global tariff took effect on Tuesday, with the administration seeking to raise the rate to 15%.
