Brent Crude Rebounds as Hormuz Shipping Concerns Ease

Brent crude oil prices pared losses on Wednesday, trading just below $89 a barrel. This followed two consecutive sessions of declines as signs of increased flows from the Persian Gulf eased supply concerns.

Traders are closely watching talks between Iran and Oman over a possible arrangement to restore shipping through the Strait of Hormuz. US President Donald Trump said around 10 million barrels of oil had passed through the waterway on Tuesday, raising hopes that disruptions may be easing.

Satellite data also indicated that Saudi Arabia could be increasing oil loadings from terminals inside the Persian Gulf. However, uncertainty remains over whether Washington would accept an agreement excluding the US in broader arrangements for managing Hormuz.