Oil prices rose on Wednesday, with both U.S. crude and Brent futures gaining amid heightened geopolitical tensions in the Middle East, despite a reported extension of a truce between Washington and Tehran.
U.S. West Texas Intermediate (WTI) crude futures climbed by more than $1, according to Reuters, even after former U.S. President Donald Trump extended a temporary truce with Iran. The price increase reflects persistent market concerns over supply disruptions in the region.
Meanwhile, Brent crude futures also advanced alongside WTI after reports emerged that a commercial shipping vessel came under gunfire off the coast of Iran. The incident heightened fears over the security of key oil shipping routes, particularly in the Strait of Hormuz, a vital artery for global energy supplies.
Market participants remain sensitive to developments in the region, where any escalation could threaten oil flows and drive prices higher. Analysts said that while the truce extension offered some diplomatic relief, security incidents at sea continue to underscore the fragility of the situation.
The gains come as traders weigh conflicting signals — diplomatic efforts to ease tensions on one hand, and rising risks to maritime security on the other — keeping oil markets on edge.
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