Oil steadies after 9% rally as Trump says renewed Iran attacks may be short-lived

  • Trump said renewed Iran strikes would be short-lived and reiterated US control over Hormuz.
  • WTI traded near $91 after a 9% three-session surge, while Brent settled below $96.
  • Iran retaliated with drones and missiles against American bases across the Middle East.

Oil prices paused after a three-session rally as President Donald Trump said renewed US attacks on Iran would not last long, while reiterating his claim that the US controls the Strait of Hormuz. West Texas Intermediate traded near $91 a barrel after rising 9% over three sessions, and Brent settled below $96 on Wednesday. The latest strikes ended weeks of relative calm and prompted Iran to fire drones and missiles at American bases across the Middle East. Some tankers had continued carrying oil out of the Persian Gulf with their transponders switched off, but the escalation increased the risk of wider supply disruptions. BOK Financial Securities senior vice president for trading Dennis Kissler said the attacks should support prices, although potential peace talks could quickly reverse the gains. The US and Iran have not shown willingness to negotiate since an interim peace accord agreed by both sides in Islamabad collapsed in June. Crude prices are up more than 30% since the war began in late February, while diesel and other refined products have advanced more sharply amid the Middle East conflict and the Russia-Ukraine war.

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