LONDON: Oil prices rose 3 percent on Wednesday as the US-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.
Brent rose $2.67, or 3.3 percent, to $84.07 a barrel by 9:59 a.m. Saudi time, after closing on Tuesday at its highest since January 2025.
US West Texas Intermediate crude rose $2.24, or 3 percent, to $76.8, after settling at its highest since June. Both benchmarks have risen about 5 percent or more in the past two sessions.
“The primary near-term driver for oil prices remains the US-Iran conflict,” said OANDA senior market analyst Kelvin Wong.
“At this stage, only clear signs of de-escalation could mitigate or reverse the current bullish trend for WTI, and such signals are currently lacking.”
