Photo courtesy of Anadolu.
Oil prices extended gains on Wednesday, with international benchmark Brent crude futures rising 5% to near $117 per barrel, while US benchmark West Texas Intermediate (WTI) jumped 4.9% to around $105, as the US-Iran deadlock continued to fuel supply concerns.
Prices remained under upward pressure as markets assessed the prolonged closure of the Strait of Hormuz, a key energy transit route that handles roughly a quarter of the world’s seaborne oil trade, and as markets looked expectantly to Wednesday’s interest rate decision from the Federal Reserve, in what is likely to be its last meeting under Chairman Jerome Powell.
The latest rally came as US President Donald Trump met with oil and gas executives at the White House on Tuesday to discuss the energy fallout from the Iran war, Axios reported.
Chevron CEO Mike Wirth was among the attendees, while White House Chief of Staff Susie Wiles, Treasury Secretary Scott Bessent, and presidential envoys Steve Witkoff and Jared Kushner were also present, according to the report.
“The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” a White House official told Axios.
The meeting covered domestic production, progress in Venezuela, oil futures, natural gas and shipping, the report said.
Trump is “bracing for the political fallout of high US gasoline prices,” Axios said, as the average US gasoline price climbed to $4.18 per gallon on Tuesday, according to the American Automobile Association, the highest level since the war began.
Persistent high prices are also raising concerns over demand, as elevated fuel costs could weigh on businesses and consumers in the US and abroad.
At the same time, reduced supply from the Middle East is increasing demand for US oil and liquefied natural gas exports, the report added. (ANADOLU)