WTI edged higher after two days of declines, trading around $85.60 a barrel in Asian hours on Wednesday, but prices faced pressure as signs emerged of easing US-Iran tensions. President Donald Trump indicated further military strikes on Iran may no longer be needed, while Congressional Democrats weighed using the approaching government funding deadline to press the administration towards ending the conflict.
Geopolitical Tensions And Oil Trade Dynamics
Uncertainty persisted as Iran sought relief from US sanctions and the naval blockade before entering talks, even as Middle Eastern oil shipments nearly returned to prewar levels despite attacks on vessels in the Strait of Hormuz. The US benchmark remained almost 20% below its late-October peak, unwinding earlier gains as de-escalation hopes grew and export flows recovered.
Crude Oil Inventory Data And Price Movements
Separately, API Weekly Crude Oil Stock rose by 9.0 million barrels in the week ended November 6, against expectations for a 1.0 million-barrel drawdown, reversing the prior week’s 5.267 million-barrel fall. Brent fell $4.60 to $93.70 a barrel, its lowest since September.
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