18.03.202619:07:53UTC+00Crude Oil Holds Firmly Above $97.3

WTI crude oil futures reversed earlier losses on Wednesday to trade back above $97.30 per barrel, as mounting geopolitical risks and structural supply disruptions in the Middle East outweighed aggressive federal measures aimed at stabilizing U.S. fuel markets. The intraday rebound came on the heels of reports of U.S.-Israeli airstrikes on Iran’s South Pars gas field, which reignited concerns over a prolonged energy shock despite President Trump’s issuance of a 60-day Jones Act waiver.

Initially, prices came under pressure from a 6.2 million-barrel build in crude inventories and the Federal Reserve’s hawkish decision to hold rates in the 3.5%–3.75% range. However, the effective closure of the Strait of Hormuz has continued to support higher energy prices. While releases from strategic reserves and a 63,000-barrel-per-day increase in domestic refinery runs offer some technical relief, the December contract retains a substantial risk premium amid Tehran’s threats of retaliation following the killing of intelligence minister Esmaeil Khatib.