Oil prices extended their advance on Wednesday after Iran declared it is prepared for a more intense conflict, with market anxiety growing over potential severe disruptions to energy shipments through the strategic Strait of Hormuz following fresh hostilities across the Middle East.
West Texas Intermediate (WTI) crude hovered near $97 per barrel, building on a 3.3% surge in the prior session—its largest single-day gain in a week—while Brent crude settled above the $100 mark for the first time since July. A senior Iranian official stated that Tehran has no intention of backing down in the face of a US naval blockade, warning that any continued strikes on Iranian territory would trigger an escalation in retaliatory actions.
The resurgence of fighting over the past week has shattered a period of relative calm and pushed energy prices sharply higher. US President Donald Trump has suggested the conflict is unlikely to conclude before the November midterm elections, meaning gasoline prices are expected to remain elevated for the foreseeable future, underscoring that there is little near-term sign of de-escalation in the seventh month of the war.
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