LONDON: Oil prices steadied on Wednesday, recovering early losses to register moderate gains after the previous session’s 4 percent advance as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and potential direct US involvement.
Brent crude futures rose 28 cents, or 0.4 percent, to $76.73 a barrel by 2:36 p.m. Saudi time. US West Texas Intermediate crude was up 40 cents, or 0.5 percent, at $75.24. Both contracts had lost more than 1 percent earlier in the session.
US President Trump warned on social media on Tuesday that US patience was wearing thin and called for an “unconditional surrender” from Iran, an option that Iran’s leader Ayatollah Ali Khamenei rejected on Wednesday.
While Trump said there was no intention to kill Khamenei “for now,” his comments suggested a tougher stance toward Iran as he considers whether to increase US involvement.
A source familiar with internal discussions said one of the options Trump and his team are considering included joining Israel in strikes against Iranian nuclear sites.
