Oil Rebounds on Wednesday
Crude oil climbed above $101 a barrel on Wednesday, recovering from two sessions of losses as traders assessed the risk of renewed military escalation between the US and Iran. Reports that President Donald Trump was considering a short, intense campaign after next week’s US midterm elections supported prices, although no final decision had been made. Washington reportedly urged Persian Gulf allies to prepare for possible strikes and deployed additional military forces to the region. Political uncertainty in Israel added to regional concerns, with Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot competing closely in an election that could leave the country without a clear governing majority. Meanwhile, repeated Houthi attacks on Saudi energy infrastructure highlighted the continuing threat to regional oil supplies. However, reports that Qatari mediators presented Iran with a new draft agreement limited gains by raising hopes of a diplomatic breakthrough.
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Crude oil climbed above $101 a barrel on Wednesday, recovering from two sessions of losses as traders assessed the risk of renewed military escalation between the US and Iran. Reports that President Donald Trump was considering a short, intense campaign after next week’s US midterm elections supported prices, although no final decision had been made. Washington reportedly urged Persian Gulf allies to prepare for possible strikes and deployed additional military forces to the region.
Political uncertainty in Israel added to regional concerns, with Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot competing closely in an election that could leave the country without a clear governing majority. Meanwhile, repeated Houthi attacks on Saudi energy infrastructure highlighted the continuing threat to regional oil supplies. However, reports that Qatari mediators presented Iran with a new draft agreement limited gains by raising hopes of a diplomatic breakthrough.