Oil Prices Surge as Supply Fears Mount

(MENAFN) Oil prices continued their upward trajectory on Wednesday, with global benchmark Brent crude futures climbing 5% to almost $117 per barrel. Meanwhile, the US benchmark West Texas Intermediate (WTI) rose by 4.9%, reaching around $105, as ongoing tensions in the US-Iran standoff intensified concerns over global supply stability.

Market sentiment remained elevated due to worries surrounding the extended shutdown of the Strait of Hormuz, a crucial passage for global energy shipments that accounts for roughly one-quarter of the world’s maritime oil trade. At the same time, investors were also closely watching the Federal Reserve’s interest rate decision scheduled for Wednesday, which is expected to be the final meeting chaired by Jerome Powell.

The latest increase in prices also followed a meeting between US President Donald Trump and leaders from the oil and gas sector at the White House on Tuesday, where they discussed the economic and energy repercussions of the conflict involving Iran, as reported by Axios.

Among those present were Chevron CEO Mike Wirth, alongside White House Chief of Staff Susie Wiles, Treasury Secretary Scott Bessent, and presidential envoys Steve Witkoff and Jared Kushner, according to the same report.

“The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” a White House official told Axios.

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