FX.co ★ Oil Hovers Near 12-Week High

West Texas Intermediate (WTI) crude oil futures remained steady around $61 per barrel on Wednesday, maintaining gains from a recent four-day rally that pushed the price near a twelve-week high. Investors are particularly attentive to upcoming remarks from U.S. officials regarding Iran, anticipated during a meeting at the White House. This development follows President Trump's decision to postpone discussions with Iranian leaders until the ongoing protests in Iran have diminished, a move accompanied by his expression of support for the demonstrators. The unrest in Iran, combined with the potential for U.S. intervention, poses a threat to the nation's approximate 3.3 million barrels per day oil production. Furthermore, President Trump has cautioned that countries engaging in commerce with Iran could face a new 25% tariff, further fueling concerns over supply disruptions. In other developments, attacks on two oil tankers near the Caspian Pipeline Consortium’s Black Sea terminal have disrupted Kazakhstan’s crude exports, exacerbating delays already caused by severe winter weather and damage to mooring facilities. Additionally, data from the American Petroleum Institute indicated a 5.3 million barrel increase in U.S. crude inventories last week, which could represent the largest build in two months if confirmed by official statistics.