Oil Prices Steady Amid Trump Remarks on Potential End to Iran Conflict

Oil prices held steady on Wednesday as persistent concerns over supply disruptions in the Middle East were balanced by comments from U.S. President Donald Trump that the conflict with Iran may be nearing an end.

Brent crude futures rose by 14 cents, or 0.1%, to settle at $94.93 per barrel, while U.S. West Texas Intermediate (WTI) crude edged up by just 1 cent to close at $91.29 per barrel.

Latest Oil Prices: 

WTI CRUDE 91.59 +0.33%

BRENT CRUDE 94.86 -0.07%

MURBAN CRUDE100.8 0.00%

NATURAL GAS 2.591 -0.73%

HEATING OIL 3.786 +0.033 +0.87%

GASOLINE 3.055 -0.014 -0.46%

Markets remain under pressure following Iran’s closure of the Strait of Hormuz 45 days ago, a move that has effectively disrupted around 20% of global oil and liquefied natural gas shipments.

Shipping activity through the strategic waterway is still significantly below its normal average of more than 130 daily transits, according to market sources.

Johannes Rauball, an oil analyst at Kpler, estimated that total supply losses of crude and condensates in the Middle East have reached approximately 496 million barrels so far.

Meanwhile, the United States has imposed a blockade on vessels departing Iranian ports, a measure officials say has effectively halted maritime trade to and from the country.

Energy consultancy Gilbert & Associates reported a modest uptick in tanker traffic through the Strait of Hormuz based on recent tracking data. However, volumes remain far below typical levels.

The firm noted that markets are no longer pricing in a complete supply outage, though a risk premium persists as flows recover unevenly rather than returning swiftly to normal.

U.S. Treasury Secretary Scott Bessent said Washington will not renew waivers that previously allowed limited purchases of Iranian and Russian oil without triggering sanctions.

Separately, finance ministers from around a dozen countries led by the United Kingdom called for a full ceasefire involving the United States, Israel, and Iran, warning that the conflict will continue to weigh on the global economy and markets even if it ends soon.

Bessent added that while the U.S. economy may slow in the current quarter, it remains resilient and capable of recovery. He also noted that oil prices have not yet significantly impacted inflation expectations.

Political developments in the United States have further unsettled markets after Trump threatened to dismiss Federal Reserve Chair Jerome Powell if he does not step down from the Board of Governors following the end of his term on May 15.

Analysts warn that increased political interference in monetary policy could weaken the Federal Reserve’s ability to control inflation, particularly as Trump has pushed for lower interest rates to support growth and reduce borrowing costs.

Oil prices found additional support after the U.S. Energy Information Administration reported an unexpected draw of 0.9 million barrels in crude inventories for the week ending April 10, defying expectations for a 0.15 million-barrel increase.

Earlier data from the American Petroleum Institute had pointed to a much larger build of 6.1 million barrels.