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3h ago

Oil Rebounds on Drone Incident as Markets Reprice U.S.–Iran Risk

Fresh military reports plus a big private U.S. crude draw whipsaw a market that had slumped on talk of U.S.–Iran de‑escalation.

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A stock quotation board is reflected on window glasses at a building in Tokyo, Japan December 11, 2025. REUTERS/Issei Kato
The Port of Kharg Island Oil Terminal, 25km from the Iranian coast in the Gulf
Gold and silver prices have seen wild swings since Friday

Overview

  • Brent climbed back near $68 and WTI near $64 late Tuesday, with gains extending in early Wednesday trading after a sharp two‑day slide.
  • The U.S. military said a fighter jet downed an Iranian drone near the Abraham Lincoln in the Arabian Sea, and maritime sources reported Iranian gunboats approaching a U.S.-flagged tanker in the Strait of Hormuz.
  • Prices had dropped more than 4% on Monday after President Trump said Iran was "seriously talking" with Washington, with talks expected later this week as Tehran seeks changes to venue and scope.
  • A private American Petroleum Institute survey indicated a roughly 11.1 million‑barrel U.S. crude draw last week, diverging from expectations of a build ahead of official EIA data.
  • OPEC+ kept March output unchanged, while a firmer dollar and Trump's announced U.S.–India tariff deal that he said includes India halting Russian oil purchases added cross‑currents, with no confirmation from Indian officials.