WTI Prices Rebound Amid Diplomatic Optimism, Geopolitical Tensions Persist

WTI Oil prices rose around 1.6% on Wednesday after a sharp decline in the previous day, according to Mitrade.

The recovery is attributed to both technical rebound and diplomatic optimism surrounding progress in talks between Washington and Tehran.

Qatari officials have drafted an interim agreement to restore navigation through the Strait of Hormuz, while US President Donald Trump has paused planned military strikes against Iran to give negotiations a chance.

Traders are also monitoring market fundamentals, particularly the weekly US Crude Oil inventory data due later in the day. An unexpected increase in inventories could remind markets that supply and demand remain key drivers of Oil prices.