Oil Extends Six-Day Rally as Markets Doubt Hormuz Deal
Oil prices advanced for a sixth consecutive session on Wednesday as markets remained skeptical that a potential agreement over the Strait of Hormuz would quickly restore global energy flows. Brent traded around $90 a barrel after surging roughly 12% over the previous five sessions, while WTI remained above $84.
Oil prices have remained highly sensitive to developments surrounding the negotiations. Optimism briefly improved after Pakistan’s defense minister said the U.S. and Iran were approaching some form of agreement, while Iran-Oman talks over Hormuz were reportedly at an advanced stage. However, investors remain cautious because there is still no clear evidence that shipping through the strait will return to normal soon.
Uncertainty increased after U.S. President Donald Trump said Washington “totally controls” Hormuz and added that he does not trust Iran. The comments followed a series of new U.S. demands on Tehran, while Iran continues to seek compensation as part of negotiations aimed at ending the conflict.
Supply risks remain a major source of support for crude prices. The U.S. Energy Information Administration expects disruptions linked to the Iran conflict to reach around 600,000 barrels per day through the end of 2027. Shipping traffic through Hormuz also remains severely restricted, although some oil continues to leave the Persian Gulf under U.S. military protection.
On the bearish side, the American Petroleum Institute reported that U.S. crude inventories increased by around 9.1 million barrels last week. If confirmed by official figures, that would be the largest weekly build since February. Markets are also awaiting monthly reports from the IEA and OPEC for updated assessments of global supply and demand.
Source : Newsmaker.id
