Oil Rebounds After Three-Day Slump as Mideast Tensions Persist

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Surges After Three-Day Drop as US Repels Iran Attack on BaseOil rebounded after a three-day decline as fresh fighting erupted in the Middle East, with continued threats to energy flows.Author of the article:Kanoko Matsuyama and Gabriel LevinLast updated 2 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil rebounded after a three-day decline as fresh fighting erupted in the Middle East, with continued threats to energy flows.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWest Texas Intermediate rose as much as 5% to top $83 a barrel, paring some of the 14% drop over the past three sessions. Brent closed near $84 on Tuesday. The US military said it successfully intercepted an Iranian “attempted surprise attack” on US troops based in the Middle East, according to a post on X.Elsewhere, Iran-backed militias in Iraq fired drones at oil facilities in Saudi Arabia’s Eastern Region for a second day, piling pressure on the kingdom, which is grappling with a maritime blockade limiting its crude oil shipments. The Saudi Defense Ministry said that it had intercepted the drones on Tuesday, without clarifying whether the facilities were damaged.Oil has been whipsawed this month, initially surging as hostilities between the US and Iran re-escalated and the conflict spread to the Red Sea, with the Tehran-backed Houthis threatening to blockade Saudi ports, before prices gave back some of the gains as tensions eased. Attention remains focused on crude flows, with traffic through the Strait of Hormuz still constrained.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOn the diplomatic front, Iran told Oman that its proposal for a route through the critical Hormuz waterway, with 50% under Tehran’s control and 50% under Oman’s, would not address the Islamic Republic’s concerns. The inbound route must be entirely under Iran’s control, along with part of the outbound route, Deputy Foreign Minister Kazem Gharibabadi told state television.In Washington, President Donald Trump met Israeli Prime Minister Benjamin Netanyahu, as the US leader sought to avoid renewed bombing in Iran. Israel — which launched the war alongside the US in February — signaled it favored talks. After the meeting, an Israeli spokesman said all parties preferred the “easy way,” a negotiated settlement, over the “hard way,” military action.“There is room for the short end of the curve to fall,” said Rob Thummel, senior portfolio manager at Tortoise Capital Advisors LLC, referring to crude futures’ nearer contract months. “But the back end of the curve likely moves higher unless some diplomatic solution is reached.”In a fresh sign of the pressure on global crude inventories, the American Petroleum Institute reported that nationwide US oil stockpiles fell 3.3 million barrels last week, according to a document seen by Bloomberg. The drop included a draw at the key hub at Cushing, Oklahoma. Official data on holdings will follow later on Wednesday.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.