WTI Crude Oil Prices Falter Near Three-Week Lows Amid Strait of Hormuz Uncertainty

West Texas Intermediate (WTI) Crude Oil prices held near three-week lows on Wednesday, awaiting confirmation that commercial shipping through the Strait of Hormuz will resume. The price hovered around $74 per barrel.

A joint statement between Iran and Oman is in the final stages of review and drafting, according to Iran's Foreign Ministry. However, an informed source told Fars News that an agreement between Iran and Oman would not automatically reopen the Strait, with separate arrangements still required, including the fulfillment of US commitments.

Data from the US Energy Information Administration (EIA) showed Crude Oil inventories unexpectedly rose by 2.479 million barrels, compared to expectations for a 1.5 million-barrel decline in the previous week.