Oil Rises Despite Hormuz Flow Resumption as US-Iran Stalemate Persists

Oil prices rose over 1% on Wednesday despite increased exports through the Strait of Hormuz and Saudi Arabia's East-West pipeline resuming operations. The market remains supported by the absence of US-Iran diplomatic progress, with Tehran confirming Washington rejected its latest proposal to fully reopen the maritime passage. Brent settled at $103.53, WTI at $90.42, with Goldman Sachs estimating further upside.