Oil climbs as U.S.-Iran trade strikes while Trump says negotiations with Tehran underway Oil prices increased as investors assessed the conflicting signals of U.S.-Iran military actions and ongoing negotiations. Despite fresh strikes, President Trump asserted that discussions with Tehran were continuing, pushing back against reports of broken communications. Analysts highlighted the significant disruption to the Middle East’s oil and gas sector due to the conflict.

• Oil prices rose due to uncertainty surrounding U.S.-Iran talks and fresh strikes between the two countries.
• West Texas Intermediate futures and Brent crude prices advanced on Wednesday.
• U.S. Central Command reported defeating Iranian ballistic missiles and drones, launching defensive strikes.
• President Trump and Secretary of State Marco Rubio stated that negotiations with Iran were ongoing.
• Iranian media reports contradicted official U.S. statements, suggesting communications had broken down.
• Analysts from Fitch Group noted widespread disruption to the Middle East’s oil and gas sector, with Qatar, Bahrain, and Iraq facing the heaviest exposure.