Brent crude oil futures traded around $95 per barrel on Wednesday, holding steady after recent declines as markets weighed renewed diplomatic efforts between the United States and Iran against ongoing supply disruptions through the Strait of Hormuz. Prices remained volatile after falling in the previous session, with sentiment largely shaped by expectations that Washington and Tehran may soon hold a second round of peace talks following the collapse of earlier negotiations. Donald Trump indicated that discussions could resume within days and suggested the conflict may be nearing resolution. However, US forces continue to enforce a naval blockade restricting Iranian oil exports through the Strait of Hormuz, keeping supply risks elevated. On the supply side, the blockade has significantly disrupted global crude flows, with traders closely watching any developments that could reopen shipping routes or further tighten availability. Adding to bearish pressure, the American Petroleum Institute reported a 6.1 million-barrel increase in US crude inventories, marking the eighth consecutive weekly build and signalling weakening demand in the world’s largest oil consumer. READ ALSO Publican AI Gains Industry Backing Despite Cost Concerns At Ghana’s Ports GSE Extends Rally as Index Jumps 114 Points, Market Cap Tops GH¢252bn Gold Holds Above $4,800 as US–Iran Talks, Weaker Dollar Support Prices At the same time, the broader demand outlook remains under pressure. The International Energy Agency has warned that elevated energy prices linked to the conflict could dampen global consumption growth this year. Analysts say the oil market is now being driven by a tug-of-war between geopolitical risk premiums and weakening demand fundamentals, with traders reacting sharply to headlines around peace talks and supply disruptions. With uncertainty still high, market participants expect continued volatility, with prices likely to swing on any new developments in US–Iran negotiations or changes in shipping conditions through the Strait of Hormuz. Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Like this:Like Loading... Related