Oil prices edged up slightly on Wednesday, after having fallen sharply in the previous session on expectations of increased supply.
Brent crude futures for August delivery were up 0.2 percent at $79.10 a barrel after tumbling 5 percent on Tuesday amid investor optimism for an end to the U.S.-Iran war and a possible reopening of the Strait of Hormuz, crucial for oil and gas transit worldwide.
WTI crude futures for July delivery were up 0.1 percent at $76.11 after the American Petroleum Institute estimated that commercial crude oil inventories in the United States fell by 8.33 million barrels during the week ended June 12.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.