US-Iran Tensions Fuel Oil Price Surge Amid Copper Inventory Boost
Oil prices rose for a fourth consecutive session on Wednesday due to ongoing uncertainty over the US-Iran conflict. The situation has raised concerns about potential oil supply disruptions, particularly through the Strait of Hormuz.
US President Donald Trump stated that no talks were underway with Tehran and hinted at additional sanctions this week. Reports of reduced vessel traffic in the Strait have added to these concerns.
The oil market also received support from a slightly bullish API inventory report. US crude inventories fell by 328,000 barrels last week, compared to market expectations for a 74,000-barrel draw.
Copper prices retreated as fresh deliveries into LME warehouses eased a supply squeeze. On-warrant copper inventories rose by 20,025 tonnes, the largest daily increase since April 7.