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WTI climbs near $85 as US-Iran tensions keep Strait of Hormuz risky
WTI was around $84.80 a barrel for a fourth straight session, supported by falling US crude inventories after a prior 9.07 million-barrel surge.
WTI oil prices extended gains for a fourth consecutive day, trading around $84.80 per barrel during Wednesday's Asian session, according to FXStreet.
The rise reflects market concerns over global supply as geopolitical friction between the United States and Iran persists, with the Strait of Hormuz still facing elevated shipping risks.
FXStreet said US President Donald Trump confirmed a naval blockade remains in effect and that there are currently no active negotiations with Tehran, while Iranian forces have carried out eight reported attacks on vessels passing through the strait this month, including ships linked to Saudi Arabia and the UAE.
On the supply side, FXStreet cited US industry data showing domestic crude inventories fell by 328,000 barrels last week, a smaller pullback after a week earlier when inventories surged by 9.07 million barrels. Strategists at BNY also flagged that shipping activity around Hormuz remains heavily disrupted, keeping Brent and WTI exposed to further escalation risk.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%