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WTI edges higher near $88.30 after Trump denies Iran sanctions relief
Traders are also positioning ahead of the EIA crude oil stockpiles report later Wednesday, after US crude inventories rose last week, according to the report.
WTI, the US crude benchmark, was trading around $88.30 in early European hours on Wednesday as it edged higher, FXStreet reported. The move followed US President Donald Trump denying he would ease sanctions on Iran.
FXStreet added that traders were bracing for the Energy Information Administration, or EIA, crude oil stockpiles report later Wednesday. The update comes after US crude oil inventories rose last week, the report noted.
The article also cited Axios reporting that Qatar’s mediation efforts between the US and Iran failed to produce a breakthrough, with neither side willing to make concessions. It said the lack of progress has raised concerns that the diplomatic stalemate could lead to renewed tensions and keep a geopolitical risk premium embedded in prices.
In the same coverage, FXStreet quoted Sugandha Sachdeva, founder of SS WealthStreet, saying uncertainty around sanctions relief and negotiations is supporting that premium. She also said improved supplies could limit further gains, while renewed disruption or escalation in tensions could prompt another rally.
Latest closeWTI crude $93.42 ▲1.1%