WTI crude settled at $90.76 Wednesday, up 0.60%, after a second wave of U.S. strikes on Iran's southern coast and Iranian retaliation against American bases across the region. Tuesday's first wave, which included tanker attacks near the strait, had already pushed crude up roughly five percent. Wednesday's larger military escalation barely moved the barrel, suggesting the market had already priced most of the supply risk before this second round of strikes.
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