Oil price decline likely to continue

Oil prices rose by more than $3 per barrel on Wednesday due to renewed conflicts in the Middle East and a decline in U.S. crude inventories, reigniting concerns about supply disruptions. Brent crude increased by 3.9% to reach $87.39 per barrel, while U.S. West Texas Intermediate rose by 3.8% to $82.31. The rise followed a drop in prices during the previous session, driven by hopes of resuming negotiations between the United States and Iran. However, recent military escalation and shipping incidents in the Gulf have led to a reassessment of risks and the suspension of hopes for a quick de-escalation. Additionally, U.S. oil inventories decreased by 3.3 million barrels. Military tensions have heightened fears over supply security and global shipping routes, as disruptions in oil traffic through the Strait of Hormuz and security threats in the region continue.

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