Crude oil prices maintained their elevated levels on Wednesday, buoyed by a complex mix of diplomatic signals and ongoing military friction in the Middle East.
The market's resilience came after US President Donald Trump announced on Tuesday afternoon that the United States is reversing its decision to impose a 20 percent tariff on oil shipments transiting the Strait of Hormuz.
The policy shift represents a notable de-escalation in trade tensions, potentially easing the cost burden on global energy imports.
However, the tariff reversal has not quelled the underlying security concerns.
Attacks in Iran and the broader region continue, keeping the strategic chokepoint under a cloud of uncertainty.
Traders are weighing the immediate relief from the tariff rollback against the persistent risk of physical disruption to shipping lanes.