Brent rises to $104.42 amid uncertainty over Iran — Asharq Al-Awsat

Oil prices rose on Wednesday in volatile trading as investors awaited further steps by the United States in the war with Iran. Brent futures as of 05:10 GMT gained 82 cents, or 0.8%, to $104.42 per barrel. U.S. West Texas Intermediate crude added 50 cents, or 0.5%, to $96.59 per barrel, recovering from an earlier decline, Asharq Al-Awsat reports.

Supply risks

On the previous day, Brent closed at its lowest level in nearly four weeks as traders assessed the prospects for talks to end the wars in Ukraine and Iran. Priyanka Sachdeva, head of market analytics at Phillip Nova, said that conflicting signals from U.S. President Donald Trump — continued military strikes alongside statements that there were no plans for immediate escalation — complicate assessments of further price movements.

According to her, the risks of supply disruptions through the Strait of Hormuz persist. A U.S. official reported U.S. “defensive” strikes on Iran’s Qeshm Island targeting surface-to-air missiles that had been used against U.S. facilities. Another official said the strikes were likely limited and did not indicate a return to large-scale combat operations.

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U.S. oil inventories

Prices received additional support from a decline in U.S. crude oil inventories. According to data from the American Petroleum Institute, cited by market sources, inventories fell by 5.27 million barrels in the week to October 30. Eight analysts polled by Reuters had expected, on average, an increase of 880,000 barrels.

Gasoline inventories rose by 1.43 million barrels over the week, while distillate inventories fell by 1.19 million barrels. Haitong Futures analysts described the data as generally favorable for oil prices, noting that diesel fuel inventories remain limited.