Oil prices climbed on Wednesday as fresh military strikes between the U.S. and Iran heightened concerns over regional stability, even as President Donald Trump claimed that negotiations with Tehran remain active.
The U.S. Central Command reported that it had thwarted multiple Iranian ballistic missile attacks following what it described as "attempted attacks" by Iran.
Analysts noted that the renewed hostilities, combined with the uncertainty around diplomatic efforts, have created a volatile backdrop for crude.
The energy market's reaction underscores the sensitivity of oil prices to geopolitical tensions in the Middle East.
Analysts noted that the renewed hostilities, combined with the uncertainty around diplomatic efforts, have created a volatile backdrop for crude.
The situation adds to a broader narrative of U.S.-Iran tensions, which have been a persistent source of market anxiety.
Recent reports indicate that the ceasefire is under strain, with Trump signaling that progress in talks is uncertain.