Oil prices hold near $95 as Iran risks rise
- Oil prices remained near one-month highs as traders assessed possible supply disruptions from U.S.-Iran tensions.
- Brent crude traded at US$94.74 per barrel while WTI crude traded at US$90.03.
- Markets are watching diplomatic developments and Strait of Hormuz flows for further price direction.
Oil prices were little changed on Wednesday after rising above one-month highs as traders assessed potential supply disruptions linked to renewed U.S. and Iranian military tensions.
Brent crude futures rose 9 cents, or 0.1%, to US$94.74 per barrel, while U.S. West Texas Intermediate crude futures fell 19 cents, or 0.21%, to US$90.03 after both benchmarks reached their highest levels since July 24.
The latest market moves followed renewed U.S.-Iran hostilities, with traders monitoring the Strait of Hormuz after Iran’s Islamic Revolutionary Guard Corps said U.S. strikes could further restrict traffic through the waterway, while U.S. officials reported that 17 million barrels of oil passed through the route on Monday.
Analysts stated that oil prices could move in either direction depending on diplomatic developments.
The Strait of Hormuz is a major oil transit route that previously carried about one-fifth of global oil consumption before the conflict affected commercial shipping activity.
Traders are also monitoring other energy-related disruptions, including Russia’s reported missile and drone attacks on energy infrastructure in Ukraine’s Odesa region, as markets assess broader supply risks.
