WTI crude futures hovered above $93 per barrel on Wednesday, stabilizing after recent losses as investors weighed tentative signs of progress toward a US–Iran peace agreement against renewed tensions and persistent uncertainty over the strategic Strait of Hormuz. US Secretary of State Marco Rubio noted that any deal could still be several days away, citing unresolved issues such as Tehran’s frozen assets and its reluctance to guarantee unrestricted passage through Hormuz.
At the same time, the US military said it had conducted self-defense strikes in southern Iran, while Iran’s Revolutionary Guard claimed it had targeted an F-35 fighter jet and several drones that allegedly entered Iranian airspace. Regional powers including Saudi Arabia, Qatar, and the United Arab Emirates are also urging President Donald Trump to prioritize diplomacy, amid fears that further military escalation could trigger retaliatory action by Iran against neighboring states.
