Oil prices rose in early trade on Wednesday as investors responded to news that Iran will not be meeting with U.S. envoys, a further strain on the interim ceasefire agreed between the two in the four-month-long war.
Global Market Impact
Brent futures rose 50 cents or 0.69% to $73.45 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 63 cents, or 0.91%, to $70.13 a barrel. The declines followed progress toward ending the Middle East conflict, pulling back from the sharp gains triggered earlier by the hostilities.
Analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, after five straight monthly increases, as the reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions, a Reuters poll showed on Tuesday.
U.S. Vice President JD Vance said Iran would be prevented from charging tolls through the strait, telling The Michael Knowles Show, “This is not going to end in a place where the Iranians are collecting tolls on ships going through the Strait of Hormuz.”
Tanker traffic through the critical waterway has started to recover, with Vance claiming that oil flows through the strait had been restored to pre-war levels.
Meanwhile, U.S. crude oil inventories fell again last week while gasoline stocks also declined, market sources said, citing data from the American Petroleum Institute released on Tuesday.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
