WTI crude futures reversed early losses to trade more than 3% higher, approaching $87 per barrel on Wednesday, after falling about 12% in the previous session. Traders continue to monitor the conflict with Iran, with uncertainty lingering over when it might end. US Defense Secretary Pete Hegseth said yesterday it “will be our most intense day of strikes”. Major Middle Eastern producers have collectively reduced output by more than 6 million barrels per day as the Strait of Hormuz remains effectively shut. Meanwhile, a brief wave of relief triggered by a Wall Street Journal report that the IEA had proposed the largest coordinated release of oil reserves in its history failed to sustain downward pressure on prices. The G7 said it supports an oil release in principle, but no concrete action has been announced yet. Later today, OPEC is scheduled to release its monthly assessment of the global crude market.

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