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AED • EUR • GBP • USD IBANs   |   CROSS BORDER FX   |   LOCAL CURRENCIES   |   GLOBAL COVERAGE
Crude OilMarketsWTI Oil

Oil Climbs for Third Straight Session

WTI crude futures climbed toward $95 per barrel on Wednesday, marking a third consecutive session of gains as ongoing uncertainty surrounding US-Iran peace negotiations and renewed conflict in the Middle East continued to support a geopolitical risk premium in oil markets. According to the US Central Command, Iran launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation for attempted attacks attributed to Tehran. Despite the escalation, President Donald Trump insisted that negotiations with Iran remain active, pushing back against reports from Iranian state media claiming that talks with Washington had been suspended due to the fighting in Lebanon. Meanwhile, in the US, industry data showed crude inventories declined by 6.8 million barrels last week. If confirmed by official government figures due later on Wednesday, it would mark the sixth consecutive weekly drawdown in US crude stockpiles.

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