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Oil prices rose sharply on Wednesday, with both Brent and U.S. crude settling at their highest levels in weeks as investors worried that Middle East supply disruptions could last longer than expected. Deadlocked U.S.-Iran negotiations and fresh concerns over the Strait of Hormuz helped extend the rally.
Brent crude futures for June rose for an eighth straight session and settled at $118.03 a barrel, their highest since March 31. U.S. West Texas Intermediate futures for June ended at $106.88 a barrel, also the highest since early April.
A White House official said President Donald Trump had asked U.S. oil companies how to reduce the impact of a potentially months-long blockade of Iranian ports. That added to fears that supply losses tied to the Iran war could deepen further.
U.S. government data also showed a larger-than-expected weekly drop in crude, gasoline and distillate inventories. Traders said the drawdown reinforced signs of tightening supply just as the summer driving season begins.
Investors were also watching the UAE’s decision to leave OPEC, though analysts said it was unlikely to change near-term supply conditions. Some said the move could matter more from 2027 onward if it increases the risk of oversupply.
