Oil prices were stable Wednesday, after falling sharply the day before as the market grows more optimistic that the Middle East war could see a diplomatic resolution.
U.S. crude oil futures for May delivery rose 1% to $92.24 U.S. per barrel. International benchmark Brent for June delivery was up 0.9% at $95.64 per barrel.
U.S. crude fell nearly 8% Tuesday on the hope that a second round of U.S.-Iran talks could produce a deal.
U.S. President Donald Trump said the war is “very close to over” in a Wednesday interview with Fox Business. Trump said the “stock market is going to boom” when the conflict ends.
Trump told the New York Post on Tuesday that talks with Iran could take place “over the next two days” in Islamabad, Pakistan.
Goldman Sachs said in a note published Wednesday that flows through the Strait of Hormuz remain constrained, running at just about 10% of normal levels, or roughly 2.1 million barrels per day on a four-day moving average.
The U.S. blockade targeting Iranian ports could further pressure remaining flows, with Washington reporting that several vessels had already turned back in the first 24 hours, even as transit via non-Iranian ports continues.
