Brent crude trades at $91.24 after US strikes on Iranian targets offset weaker Chinese import data and shipping constraints.
Oil prices remained steady on Wednesday, with Brent futures at $91.24 a barrel and US WTI at $88.06, as escalating US-Iran hostilities countered demand worries. Prices briefly rose on news of US military strikes but retreated amid mixed signals from global inventories and Chinese crude imports.
Earlier sessions saw Brent and WTI dip slightly, reflecting investor caution over lower Chinese demand and restricted shipping through the Strait of Hormuz. Analysts noted that while inventory draws support prices, geopolitical risks in the Middle East are failing to spark sustained anxiety.
Traders shifted focus back to supply risks after the US targeted Iranian assets following the downing of a US helicopter. Tehran warned of further retaliation if Israel continued attacks on Hezbollah, reintroducing a geopolitical premium into markets.