Oil Surges Past $95 as U.S. Downplays Iran Diplomacy and a 2nd Key Trade Route Is Disrupted

Oil rose nearly 5% Wednesday, pushing Brent crude above $95 per barrel for the first time in weeks, as U.S. officials downplayed the likelihood of fresh peace talks with Iran after an 11th night of strikes. Secretary of State Marco Rubio said diplomacy remained possible but Tehran “doesn’t seem” serious, while attacks and very low Strait of Hormuz traffic intensified shipping risks. At the same time, the Bab el-Mandeb route faces mounting pressure, with analysts warning route changes could add time and expense for tanker voyages.