WTI oil extends rally toward $84 on Hormuz tensions

Crude oil climbed toward $84 per barrel on Wednesday, extending gains for a fifth straight session as uncertainty over a potential US-Iran agreement and stalled negotiations over the Strait of Hormuz kept supply concerns elevated. The EIA?s latest STEO report projects Brent crude around $85 per barrel in Q3 2026, while US inventories are expected to remain below the five-year average through year-end. MCX August crude oil futures traded 0.6% higher at Rs 7,992 per barrel.

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