Crude oil fluctuates near $90 as Middle East strike risks persist
Crude swung between small gains and losses to trade near $90 a barrel after a two-session rally to a six-week high. Traders weigh Middle East supply risks amid further US-Iran attacks and Strait of Hormuz traffic.
Crude oil swung between small gains and losses to trade near $90 a barrel on Wednesday, following a two-session rally that had lifted prices to a six-week high.
Traders continued to weigh elevated supply risks stemming from ongoing hostilities in the Middle East against signs that crude supplies were still reaching the market.
The US carried out further strikes on Iran and Washington threatened more devastating attacks.
Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq.
However, US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began.
Meanwhile, US President Trump said he “couldn’t care less” whether Iran signs an agreement to reopen the Strait of Hormuz.
The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict.