Oil prices rose modestly on Wednesday following disruptions to Middle East supplies caused by the United States–Israel strikes on Iran, although gains slowed after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.
By 0408 GMT, Brent crude rose $1.17, or 1.4%, to $82.57 per barrel, after closing at its highest level since January 2025 on Tuesday. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained 72 cents, or 1%, to $75.28 per barrel, following its highest settlement since June. Both benchmarks have climbed roughly 5% or more over the past two sessions.
“Right now, geopolitics has clearly overtaken the usual price drivers like inventory data, U.S. economic numbers, or OPEC commentary,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added that the key near-term indicators to monitor include physical export data from the Gulf, any tanker incidents, U.S. naval movements, and Iran’s response.
The recent escalation began with Israeli and U.S. forces striking targets across Iran on Tuesday. Iran retaliated with attacks on energy infrastructure in a region responsible for nearly one-third of global oil production, heightening supply concerns and driving recent price volatility.
