The global oil benchmark gained for a second consecutive day on Wednesday, closing higher after the Iranian government publicly contradicted claims that it was in negotiations with the United States to end current hostilities. Brent futures finished the session at $92.76 a barrel, an increase of 1.39%, while the NYMEX West Texas Intermediate closed 0.57% higher at $86.53. The benchmarks saw an intraday spike following the diplomatic tension, with Brent reaching as high as $93.90 before settling.
The reversal comes as crude prices attempt to recover from a period where Brent lost approximately 21% of its value since early November. While prices had previously dipped on optimism over a potential truce, renewed concerns regarding shipping risks in the Strait of Hormuz—where 37 tankers were attacked last month—have revived supply fears and offset hopes for a near-term end to conflicts in Iran and Ukraine.
