Oil Holds Gain With Iran’s Exports Strained as Conflict Drags On

Oil was steady after a 4% gain on Tuesday as the Middle East conflict drags on and Iranian exports show further strain from the prolonged near-closure of the crucial Strait of Hormuz.

West Texas Intermediate traded near $102 on Wednesday, while Brent crude closed above $107 in the previous session. There were no ocean-going tankers observed at Iran’s Kharg Island over the past several days, satellite images show, the first sign of an extended halt at the nation’s main export hub since the start of the 10-week war that’s upended global markets.