Crude oil slips below $90 after two-session rally to six-week high

  • Crude oil prices fell below $90 after a two-session rally.
  • 17 million barrels transited the Strait of Hormuz on Monday, Chris Wright said.
  • The latest attacks began early this week after nearly a month without strikes.

Crude oil edged below $90 a barrel on Wednesday, pausing a two-session rally that had taken prices to a six-week high. Traders continued weighing the risk that hostilities in the Middle East could disrupt supply against evidence that oil was still reaching the market. The US carried out further strikes on Iran, while Washington threatened more devastating attacks. Iranian media reported strikes near the Strait of Hormuz, a strategic waterway for oil shipments, and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. US Energy Secretary Chris Wright said 17 million barrels of oil transited the strait on Monday, the highest daily volume since the war began. US President Trump said he "couldn’t care less" whether Iran signs an agreement to reopen the strait. The attacks began early this week and were the first in nearly a month, complicating efforts to end the conflict.

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