FX.co ★ Oil Rises as Traders Weigh Trump Remarks

WTI crude oil futures climbed toward $103 per barrel on Wednesday, recovering the previous session’s losses and extending their record monthly gains, as markets reacted to President Trump’s remarks that the conflict with Iran could be resolved within weeks. Trump told reporters that US forces could be withdrawn from Iran within two to three weeks and indicated that a deal with Tehran was possible, though not essential, to end the conflict.

Market sentiment remained cautious, as his comments alternated between suggesting a near-term agreement and warning of a possible escalation. At the same time, additional US troops were deployed to the region, while Tehran stated that no formal peace talks were underway but expressed readiness to end the war if its conditions were met. Investors are now focused on Trump’s nationwide address on the Iran conflict scheduled for later today.

In other market news, data from the American Petroleum Institute (API) showed US crude inventories jumped by 10.263 million barrels last week, sharply contrasting with expectations for a 1.3 million-barrel decline.