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(Bloomberg) — Oil steadied after its biggest daily jump in more than two weeks, as President Donald Trump vowed fresh strikes in Iran and US stockpiles fell.
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West Texas Intermediate was little changed above $84 a barrel after rallying by almost 7% in the previous session. Brent closed near $91 on Wednesday.
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Trump told Fox News that Iran would be hit hard after an attack on US forces on Jordan. Washington’s conflict against Tehran looks set to drag on, possibly for months, with the sides unable to break a deadlock over the Strait of Hormuz and achieve a lasting ceasefire deal, according to several current and former officials from the US, Iran and Europe.
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In the US, commercial crude stockpiles posted their biggest decline since mid-June, reinforcing signals of a tightening physical market after months of conflict in the Middle East. Holdings in the Strategic Petroleum Reserve dropped for an 18th week to hit the lowest since 1983.
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Global energy markets have been rocked by a fresh round of volatility this month, as investors navigated an initial pause in hostilities between Iran and US, followed by renewed fighting. The conflict appears to be spreading, with Iran-backed Houthi rebels in Yemen threatening a blockade of Saudi Arabia, while Riyadh’s forces joined with the US to strike targets in Iraq.
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“Markets have jumped the gun on hopes of renewed peace, especially considering Iran’s insistence on controlling the strait under any potential deal,” said Bart Melek, global head of commodity strategy at TD Securities. “We continue to see reduced flows and global tightening of the energy market as supportive of further upside in crude oil.”
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