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Oil prices extended gains for a third consecutive session during Asian trading on Wednesday as geopolitical tensions intensified after U.S. President Donald Trump threatened additional military action against Iran and the United States resumed its blockade on Iranian shipping through the Strait of Hormuz.
Brent crude futures for September delivery rose 1.7% to $86.15 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.3% to $80.34 per barrel. Both benchmarks traded near their highest levels in roughly a month after rallying almost 10% earlier this week amid growing concerns over global oil supply.
Investor sentiment remained focused on developments in the Middle East after Trump said in a Fox News interview that U.S. military operations would intensify unless Tehran returned to the negotiating table. He warned that Washington could target Iran’s power plants and bridges next week if diplomatic progress is not made, while adding that military strikes on Iranian coastal and defense infrastructure would continue. Trump also said U.S. officials remain in contact with Iranian representatives, insisting Iran would eventually have to negotiate.
The latest increase in crude prices also followed Washington’s decision to reinstate its blockade on Iranian shipping, raising fresh concerns about disruptions to global energy supplies. At the same time, Trump abandoned his earlier proposal to impose a 20% fee on commercial vessels passing through the Strait of Hormuz after key U.S. allies in the Gulf reportedly urged him to drop the plan.
The Strait of Hormuz remains one of the world’s most important energy shipping routes, and recent attacks involving commercial vessels and Gulf tankers have already slowed maritime traffic, fueling fears of tighter oil supplies and higher transportation costs.
Meanwhile, market participants are monitoring U.S. inventory data for additional price direction. The American Petroleum Institute reported that U.S. crude oil stockpiles fell by 56,000 barrels last week, well below analysts’ expectations for a draw of 2.7 million barrels. Investors are now awaiting official data from the U.S. Energy Information Administration later Wednesday to determine whether another decline in inventories will provide further support for oil prices.
