WTI crude oil futures rose above $64 per barrel on Wednesday, reversing losses from the previous session, as lingering tensions between the US and Iran supported prices. Reports suggested Washington may consider intercepting tankers carrying Iranian crude and could deploy an additional carrier strike group if negotiations over Iran’s nuclear program collapse. While initial talks last week were positive, traders fear failed negotiations could trigger US strikes on Tehran, risking Iranian oil supplies or prompting retaliation. Capping further gains, however, was a US industry report showing a sharp build in stockpiles, with inventories rising by 13.4 million barrels last week, the largest increase since November 2023 if confirmed by official data. Investors will also turn to OPEC’s monthly market outlook later today, followed on Thursday by an IEA assessment that has warned supply is set to outpace demand, resulting in a sizable surplus this year.
