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Oil steadied after a three-day rally as President Donald Trump said renewed attacks on Iran would be short-lived, while US officials signaled robust energy flows through the Strait of Hormuz. Brent traded near $95 a barrel after surging more than 8% over the past three sessions, while West Texas Intermediate was below $91. Asked how long the US bombing campaign could continue, Trump said “I don’t think too long,” although the president added that “we’re prepared to do another one.” The renewed US strikes followed weeks of relative calm, with Iran retaliating by firing drones and missiles at American bases across the Middle East, in line with a pattern used throughout the six-month war. The American military escorted 40 vessels through the waterway on Tuesday carrying 18 million barrels of oil, according to CNN, which cited two officials familiar with the matter. “The latest escalation should keep support under the market, however, keep in mind both the US and Iran are looking for off-ramps here,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc. “More peace talks could deflate prices quickly.” Still, neither the US nor Iran has shown a willingness to come to the negotiating table since the collapse of an interim peace accord agreed in June. Crude prices are almost 60% higher this year, with refined products such as diesel rallying even harder due to the Middle East conflict and the Russia-Ukraine war. US officials continue to point to consistent crude shipments exiting the Persian Gulf, despite persistent threats to shipping. This week, Energy Secretary Chris Wright said 17 million barrels of oil exited the waterway on Monday, with flows averaging about 8 million barrels a day. The global oil market is returning closer to balance as supplies continue to exit the Persian Gulf, although risks remain, Chevron Corp. Chief Executive Officer Mike Wirth said in an interview in Caracas. The escalation of hostilities between the US and Iran this week is a concern, he added. Separately, US crude inventories fell by 4.5 million barrels last week, the first decline since late July, according to Energy Information Administration figures. Stockpiles at the key storage hub at Cushing, Oklahoma, rose marginally to 22.5 million barrels, while gasoline holdings dropped. To get Bloomberg’s Energy Daily newsletter in your inbox, click here. With assistance from Bingyan Wang. ©2026 Bloomberg L.P. This article was generated from an automated news agency feed without modifications to text. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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