Brent and WTI hold near $100 per barrel amid Middle East tensions and demand-supply imbalances ahead of U.S.-China talks.
Oil prices showed minimal movement Wednesday, with Brent crude futures rising 0.2% to $108.00 a barrel and U.S. WTI futures dipping 0.1% to $102.08. Markets remain focused on geopolitical risks, including a fragile Middle East ceasefire and potential supply disruptions in the Strait of Hormuz.
Both benchmarks have traded at or above $100 since late February, when regional conflicts escalated and Iran restricted oil flows. Analysts warn of continued volatility, with any escalation threatening to tighten supply further. The International Energy Agency reported global oil demand outpacing supply this year due to war-related disruptions.
Russia’s crude production fell to 8.8 million barrels per day in April, down 460,000 bpd year-over-year, as Ukraine intensified drone attacks on energy infrastructure. Meanwhile, investors await outcomes from U.S. President Donald Trump’s meeting with China’s Xi Jinping in Beijing.