On Wednesday, a barrel of West Texas Intermediate crude oil for March delivery costs $63.79 on the New York NYMEX, which means an increase of 0.92%. In turn, Brent crude oil on the ICE exchange, for delivery in April, is valued at USD 67.88. per barrel. That's 0.82 percent. more than the day before.
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Increase in oil prices. This is a reaction to the tension between the US and Iran
Investors are following subsequent reports of tensions between the United States and Iran with concern. Iran's Fars news agency reported on Tuesday that an Iranian drone carried out a surveillance mission in international waters. Meanwhile, the Tasnim agency reported that contact with this drone was lost for unknown reasons. Earlier, the US military reported that an Iranian drone was shot down by an F-35 fighter over the Arabian Sea.
A few days ago, information also appeared that Iran had deployed its most advanced Shahed-129 drone to monitor the movements of the American Navy near the Strait of Hormuz. The drone has been tracking the aircraft carrier USS Abraham Lincoln and its accompanying destroyers for several days, which suggests that Tehran's actions are part of a previously planned operation.
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According to Iranian military commanders, despite the concentration of US forces in the region, Iran declares its readiness for talks aimed at reducing tensions in the Middle East. At the same time, they warn that, as they say, their forces are ready to immediately respond to any possible provocation. In turn, according to the Hezbollah-linked newspaper Al-Akhbar, quoted by the media, Iran is opting for a military solution, considering that meeting Washington's demands would be more costly for it than a possible armed conflict.
The situation in the Middle East has caused concern on commodity markets, but US President Donald Trump assured that diplomatic talks with Tehran are ongoing. White House spokeswoman Karoline Leavitt confirmed that US-Iran negotiations were scheduled for Friday. President Trump, referring to talks with Iran, said that the Americans were currently negotiating with Iranian representatives and emphasized that Tehran “would like to do something.” He also recalled that Iran had previously had a chance to take action, but failed to take advantage of this opportunity, which led to the US carrying out Operation Midnight Hammer in June 2025.
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The situation on the oil market is also influenced by data on American reserves of the raw material. The latest report by the American Petroleum Institute (API) indicates that oil inventories in the United States fell by as much as 11.1 million barrels last week. Resources at the Cushing hub decreased by 1.4 million barrels. At the same time, stocks of distilled fuels decreased by 4.8 million barrels, while gasoline stocks increased by 4.7 million barrels.
