FX.co ★ Oil Nears $90.5 as Supply Risks Persist

Crude oil rose toward $90.50 a barrel on Wednesday, rebounding from losses in the previous session, after reports indicated that US President Donald Trump has no plans to ease sanctions on Iran. The stance has intensified concerns over exports from one of OPEC’s largest producers and added support to prices amid ongoing uncertainty over US-Iran negotiations.

Iranian government spokesperson Fatemeh Mohajerani said Tehran has received a US proposal on reopening the Strait of Hormuz, following Iran’s submission of its own terms last week. At the same time, Middle East crude supply has recovered sharply this month, with shipments through the Strait of Hormuz climbing to 13.2 million barrels per day.

Saudi Arabia has also resumed exports from Yanbu after restoring its East-West pipeline, offering an alternative route that bypasses the Strait. Even so, overall flows remain below pre-conflict levels, leaving the market relatively tight.

OPEC+ is widely expected to keep November output quotas unchanged at its meeting this weekend. Crude prices are up about 4.9% so far this month.