Oil prices inched higher in early Asian trade on Wednesday, adding to strong gains this week as ongoing violence in the Middle East disrupted supplies. Report BSS/AFP
West Texas Intermediate was up 0.5 percent at $74.92. Brent North Sea Crude was not yet being traded.
Brent had on Tuesday topped $85 a barrel for the first time since July 2024, with speculation the price could hit $100 per barrel.
But Brent eased later to close at $81.40 per barrel, still up 4.7 percent, after US President Donald Trump announced that the US navy would escort oil tankers through the Strait of Hormuz if needed and ordered Washington to provide insurance for shipping.
Equities on Tuesday fell sharply but Wall Street recovered some ground after Trump's comments.
