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WTI rebounds as US-Iran stalemate keeps Strait of Hormuz risk elevated
WTI was around $90 after a more than 4% drop on Tuesday, while US crude inventories rose 922,000 barrels last week, per EIA data.
WTI rebounded on Wednesday and remained on track for a roughly 5.5% monthly gain, as limited progress in US-Iran talks to reopen the Strait of Hormuz kept geopolitical risk elevated, according to FXStreet.
At the time of writing, WTI traded around $90 after falling more than 4% on Tuesday to its lowest level since September 4, the outlet said, citing easing supply concerns earlier in the week.
FXStreet also pointed to operational and supply developments, including Saudi Arabia resuming tanker loadings at Yanbu after restarting an East-West pipeline that provides an alternative route around Hormuz. Goldman Sachs estimated Gulf oil exports recovered to about 23.3 million barrels per day last week, broadly near the 2025 average, and the US said it would offer up to 40 million barrels from the Strategic Petroleum Reserve.
On the demand and balance side, EIA data released on Wednesday showed US crude inventories increased by 922,000 barrels in the latest week, which was higher than market expectations for a decline of around 300,000 barrels, the outlet reported.
Latest closeWTI crude $93.42 ▲1.1%