Military Escalation Revives Supply Concerns
Oil prices rose about 1 percent on Wednesday, recovering from a seven-week low reached in the previous session as fresh US military strikes against Iran renewed concerns over regional stability and global energy supplies.
Brent crude futures gained 83 cents, or 0.9 percent, to trade at $92.29 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude advanced 68 cents, or 0.8 percent, to $88.97 per barrel.
The rebound followed a new round of US strikes on Iranian targets after President Donald Trump pledged to respond to the reported downing of a US Apache attack helicopter. The latest developments heightened fears that the fragile ceasefire between Washington and Tehran could collapse, potentially disrupting energy markets once again.
Earlier this week, both benchmark contracts had fallen sharply after Iran and Israel temporarily halted direct attacks following calls by Trump to reduce tensions.
Market Focus Shifts to Hormuz and Inventory Data
At the same time, uncertainty surrounding the Strait of Hormuz continued to support prices. Tehran has maintained restrictions on much of the shipping traffic through the strategic waterway, which normally handles around one-fifth of global crude oil and liquefied natural gas trade. Washington has also continued its blockade of Iranian ports.
Furthermore, tensions linked to Israel’s military campaign against Hezbollah in Lebanon have complicated diplomatic efforts aimed at achieving a broader regional settlement.
On the supply side, industry data provided additional support to oil markets. According to figures cited from the American Petroleum Institute, US crude inventories declined by 9.12 million barrels during the week ending June 5, marking the eighth consecutive weekly draw. Gasoline stocks also fell by 1.19 million barrels.
Analysts noted that lower US stockpiles could reduce export availability and place further upward pressure on global oil prices as demand remains resilient and geopolitical risks persist across the Middle East.
