Brent crude settled at US$81.40 per barrel, flat to Tuesday's close and at its highest since January 2025. US West Texas Intermediate crude settled 10 cents, or 0.1%, higher at US$74.66, closing at its highest since June for the second day in a row. "The US has signalled a four- to five-week campaign, Iran is seeking to regionalise the conflict and the crucial Strait of Hormuz chokepoint is effectively shut. These developments could overturn previously unfavourable supply-demand dynamics, pushing crude higher and bringing the US$100 threshold into view," Tzabouras added. US gasoline stocks fell by 1.7 million barrels, while distillate stockpiles, which include diesel and heating oil, rose by 429,000 barrels in the week.
