After a steep decline just a day earlier, oil prices rebounded sharply on Wednesday. Brent crude climbed to $90.25 per barrel, while U.S. West Texas Intermediate (WTI) rose to $84.65 per barrel, as investors priced in growing risks to global energy supplies.
The rally was triggered by U.S. and Saudi airstrikes targeting Iran-backed groups in Iraq, as well as statements from U.S. President Donald Trump signaling readiness to continue military operations against Iran. Additional concerns stem from potential disruptions to shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Oil prices also received support from the latest data released by the U.S. Energy Information Administration (EIA), which showed that commercial crude oil inventories fell by 7.2 million barrels last week to their lowest level since 2018. Analysts believe that, amid continued geopolitical tensions in the Middle East, Brent crude is likely to remain in the $80–100 per barrel range in the near term.
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