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.

Source: The Star March 04, 2026 23:39 UTC