• Oil held steady as tensions in the Middle East persisted, with traders waiting to see how Israel would respond to Iran’s weekend attack.
  • Brent crude traded near $90 a barrel after ending little changed on Tuesday, while West Texas Intermediate was above $85. Israel has vowed to respond against Tehran for the unprecedented drone and missile attack at the weekend, although the US and Europe have urged restraint.
  • Crude has surged this year as geopolitical risks in the Middle East and Russia, as well as OPEC+ output cuts, combined to push prices higher. Fresh comments on Tuesday from Federal Reserve Chair Jerome Powell, however, signaled that policymakers will wait longer than previously anticipated to cut US interest rates. That’s likely to be a headwind for wider energy demand.