Brent crude trades above $91 a barrel as markets monitor ongoing US-Iran standoff and inventory drawdowns in the United States
SINGAPORE — Crude oil prices rose for a fourth consecutive session on Wednesday, supported by persistent geopolitical friction in the Middle East and reports of tightening crude stockpiles in the United States.
International benchmark Brent crude edged up 26 cents, or 0.29 percent, to around $91.28 a barrel during Asian trading hours. US West Texas Intermediate (WTI) crude gained 37 cents, or 0.43 percent, to reach $85.31 per barrel, maintaining momentum that pushed both benchmarks to their highest levels since July 24.
The steady upward trajectory reflects market sensitivity to geopolitical tensions surrounding the Strait of Hormuz—a crucial transit route for global oil shipments—alongside diminishing expectations for a prompt diplomatic resolution between Washington and Tehran.
Both contracts had settled higher on Tuesday, with Brent closing at $91.02 per barrel and WTI at $84.94 per barrel. Trading activity remained elevated through the morning session in Asia, with market participants pricing in ongoing potential risks to regional energy supply lines.
In addition to geopolitical developments, energy traders were assessing preliminary industry data regarding US energy inventories. Figures from the American Petroleum Institute indicated a drawdown in US crude oil and distillate stocks last week, offsetting a build in gasoline inventories and offering further support to crude pricing.
Broader commodity markets continue to observe regional measures aimed at maintaining export continuity. Iraqi authorities approved contingency measures on Tuesday to secure alternative crude export routes through specialized international and domestic firms to mitigate risks associated with regional shipping disruptions.
Despite the fourth straight day of gains, analysts note that market movements remain calibrated as energy buyers adjust supply chains and source cargoes from alternative regional locations
