An aerial view of the Chevron EL Segundo refinery, one of the largest petroleum processing facilities in California, as a plane takes off from LAX on April 8, 2026 as seen from above Manhattan Beach, California.
Mario Tama | Getty Images
Oil prices were stable Wednesday, after falling sharply in the previous session as the market grows more optimistic that the Middle East war could see a diplomatic resolution.
U.S. crude oil futures for May delivery closed little changed at $91.29 per barrel. International benchmark Brent for June delivery settled 14 cents higher at $94.93 per barrel.
U.S. crude fell nearly 8% Tuesday on the hope that a second round of U.S.-Iran talks could yield a deal.
President Donald Trump said the war is “very close to over” in a Wednesday interview with Fox Business. Trump said the “stock market is going to boom” when the conflict ends.
Th president told the New York Post on Tuesday that talks with Iran could take place “over the next two days” in Islamabad, Pakistan.
Oil prices year to date
Trump had earlier indicated discussions were proceeding slowly and negotiations would likely be held in Europe, but called back shortly after with updated details, the report said.
The renewed push for talks comes after earlier reports that talks aimed at resolving the Middle East conflict could resume ahead of the expiration of a fragile two-week ceasefire.
“Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy,” the IEA said in a report published Tuesday.
Goldman Sachs said in a note published Wednesday that flows through the strait remain constrained, running at just about 10% of normal levels, or roughly 2.1 million barrels per day on a four-day moving average.
The U.S. blockade targeting Iranian ports could further pressure remaining flows, with Washington reporting that several vessels had already turned back in the first 24 hours, even as transit via non-Iranian ports continues.
Goldman noted that disruptions to crude production in the Middle East appear less severe than initially feared. It estimates average shut-ins in the Persian Gulf at about 8 million barrels per day in March, below earlier expectations and lower than the International Energy Agency’s 10 million barrels per day estimate, partly due to higher use of storage and oil held on tankers.
