WTI Oil Prices Firm Amid US-Iran Standoff

WTI oil prices held firm on Wednesday, trading 0.55% higher at around $84.80 during the European session as concerns over energy supply disruptions persisted.

The deadlock between the US and Iran regarding the reopening of the Strait of Hormuz, a vital passage for nearly one-fifth of global energy supplies, remains intact.

US President Donald Trump confirmed in a post on Truth Social that Washington is not engaging in talks with Iran about the strait's reopening, nor are any discussions scheduled.

According to Kpler data, six commodity vessels crossed the strait on Tuesday, down from nine a day earlier and below the 10-day daily average of 11. This represents a significant decline from pre-war levels of 130-140 ships per day.