ISTANBUL

Oil prices continued to climb on Wednesday despite growing calls for an emergency release of strategic crude reserves and remarks by US President Donald Trump signaling the war with Iran may be nearing its end.

International Brent crude futures traded above $90 per barrel, extending gains amid ongoing market volatility triggered by the Middle East conflict, after retreating to around $80 and then rising 12.5%.

US benchmark West Texas Intermediate (WTI) also advanced, holding around $88 as traders weighed the risk of supply disruptions against signs that the military confrontation could soon ease.

Trump told CBS News on Monday that the war with Iran was “very complete, pretty much," suggesting that the conflict may end soon and helping calm fears of a prolonged disruption to energy flows through the Strait of Hormuz.

Despite the remarks, however, oil prices remained elevated as markets continued to price in geopolitical risk and uncertainty over regional shipping routes.

Meanwhile, officials and energy agencies have been discussing the possibility of releasing emergency crude reserves to stabilize markets. The International Energy Agency (IEA) has proposed a potential release of around 300 million to 400 million barrels from strategic oil stockpiles if supply disruptions worsen, according to Bloomberg.

The discussions come as the conflict has rattled global energy markets, sending oil prices to their highest levels in years earlier this week and triggering sharp swings in both crude and financial markets.