Aerial view of the Chevron El Segundo Refinery, one of California’s largest oil processing facilities, as seen from above Manhattan Beach, California, April 8, 2026. A plane taking off from Los Angeles International Airport.
Tama Mario | Getty Images
Oil prices were steady on Wednesday after falling sharply in pre-trade as markets grew optimistic that the Middle East war could be resolved diplomatically.
U.S. crude oil futures for May delivery were up 1% at $92.24 per barrel as of 8:19 a.m. ET. International benchmark Brent for June delivery rose 0.9% to $95.64 a barrel.
U.S. oil prices fell nearly 8% on Tuesday on hopes of a deal in a second round of talks between the U.S. and Iran.
President Donald Trump said in an interview with FOX Business on Wednesday that the war is “very close to being over.” President Trump said that once the conflict ends, “the stock market will skyrocket.”
The president told the New York Post on Tuesday that talks with Iran could take place in Islamabad, Pakistan, “over the next two days.”
Crude oil prices since the beginning of the year
The report said Trump had previously suggested talks were moving slowly and that negotiations would likely take place in Europe, but he called again shortly after with updated details.
The renewed push for talks follows earlier reports that talks aimed at resolving the Middle East conflict could resume ahead of the expiration of a fragile two-week ceasefire.
“The resumption of flows through the Strait of Hormuz remains the most important variable in easing pressure on energy supplies, prices and the global economy,” the IEA said in a report released Tuesday.
Goldman Sachs said in a note Wednesday that water flow through the strait remains subdued and remains at about 10% of normal levels, or about 2.1 million barrels per day on a four-day moving average.
A U.S. blockade targeting Iranian ports is likely to further increase pressure on remaining ships, with the U.S. government reporting that several ships have already turned back in the first 24 hours, although sailings through non-Iranian ports continue.
Goldman noted that disruptions to oil production in the Middle East appear to be less severe than initially feared. The report estimates average closures in the Persian Gulf in March at about 8 million barrels per day, lower than initially expected and lower than the International Energy Agency’s estimate of 10 million barrels per day, in part due to increased storage and use of oil stored in tankers.
