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(Bloomberg) — Oil held the bulk of a five-session gain, as traders waited for signs of progress toward reopening the Strait of Hormuz.
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West Texas Intermediate traded below $83 a barrel after rising 11% over the previous five days, while Brent ended near $88 on Wednesday. On the diplomatic front, there was little sign of progress on reopening the waterway, with President Donald Trump saying the US has “total control” over the conduit.
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Talks between the US and Iran appear deadlocked as both sides harden their positions, with Washington pressing on with a blockade of the Islamic Republic’s ports to raise the economic pressure against Tehran. Pakistan — which has acted as a mediator — said the larger peace process had stalled, although a deadline for a US-Iran memorandum of understanding could be extended.
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Crude is headed for a weekly gain after months of volatile trading, with traders tracking on-off efforts by Tehran and Washington toward ending their conflict. The war in the Middle East, coupled with fighting between Ukraine and Russia that’s seen waves of strikes against energy infrastructure including ports and refineries, have tightened oil and product markets.
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The global oil market faces a shortfall of 1.8 million barrels a day this quarter, more than double an earlier projection as the US-Iran war drags on, according to the International Energy Agency. For 2026 as a whole, the deficit will likely be the widest in five years, the IEA said in a report on Wednesday.
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Still, US crude stockpiles swelled 17.4 million barrels last week, the largest increase since January 2023, according to the Energy Information Administration. The build was mostly on the Gulf Coast, driven by weaker exports and a surge in imports, including the return of Saudi oil and Venezuelan crude.
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For US consumers, gasoline and diesel have never been this expensive, this late in the year, according to the American Automobile Association. That comes as millions of Americans typically take to the road for vacations and family visits.
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“Oil and product markets are set to see upside,” said Bart Melek, global head of commodity strategy at TD Securities, citing factors including crude deficits heading back toward 4 million barrels a day.
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