2026.03.1023:27:02UTC+00Oil Rises on Mideast Uncertainty

WTI crude futures rebounded above $85 per barrel on Wednesday after briefly falling below $77 in the previous session, as intensifying uncertainty over the war with Iran and disruptions to shipping through the crucial Strait of Hormuz kept markets on edge. While President Donald Trump suggested late Monday that the conflict could soon be resolved, US officials said on Tuesday that military operations were escalating and that prospects for diplomatic talks remained limited. Further confusion arose when Energy Secretary Chris Wright mistakenly posted a message claiming that the US Navy had escorted an oil tanker through the narrow waterway near Iran, a statement the White House later corrected, confirming that no such operation had occurred. Meanwhile, major Middle Eastern producers — including Saudi Arabia, the UAE, Kuwait, and Iraq — have jointly cut output by more than 6 million barrels per day as the Strait of Hormuz remains effectively closed. Adding to the supply concerns, the UAE’s largest oil refinery halted operations after a drone strike.