Oil Edges Higher as Iran Standoff Counters Saudi Supply Recovery and US Reserve Release

Crude oil stabilized on Wednesday, with Brent trading around $103.16 per barrel and WTI near $89.46, after dropping sharply the prior day. Prices had initially surged near $107 on persistent US-Iran tensions and Strait of Hormuz transit risks before retreating on Tuesday as Saudi Arabia resumed tanker loadings at Red Sea ports via the restored East-West pipeline, sending September exports to 5.28 million barrels per day. Selling deepened after the US announced a 40-million-barrel Strategic Petroleum Reserve release, but ongoing diplomatic deadlock between Washington and Tehran continues to underpin an elevated geopolitical risk premium.