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Crude Supply · Geopolitics · Iran Negotiations · Oil Prices
Oil prices, specifically Brent crude and West Texas Intermediate (WTI), declined significantly on Wednesday following US President Donald Trump's claims of progress in negotiations with Iran, which suggested an easing of supply concerns, despite immediate denials from Iranian officials.
International benchmark Brent crude traded at $96.52 per barrel, a 3.7% decrease from its previous close of $100.23. US benchmark WTI decreased 3.3% to $89.29 per barrel from $92.35.
President Trump stated Iran sent a "gift" related to oil and natural gas and agreed to never possess nuclear weapons, with active negotiations involving US Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and Jared Kushner. However, IRGC spokesperson Col.
Ebrahim Zolfaghari and Iranian Foreign Minister Abbas Araghchi rejected these remarks, asserting Tehran's position remains unchanged and ruled out any agreement. Further supporting the downward price movement, the American Petroleum Institute reported a 2.3 million barrel increase in US crude stocks last week, contrary to market expectations of a 1.3 million barrel decline.
Official inventory data from the US Energy Information Administration is pending. Conversely, Kuwait Petroleum Corporation announced renewed production cuts due to Strait of Hormuz disruptions, with a full production capacity return expected to take up to four months once the conflict ends, following a previous reduction from 3 million to 500,000 barrels daily on March 10.
