March 4, 2026–Written by Daniel Graeber for IIR Energy Intelligence (Sugar Land, Texas)–Crude oil prices moderated on Wednesday after the U.S. government floated the idea of backing insurance for Persian Gulf shippers, though the lull may be short-lived.
Brent crude oil, the global benchmark for the price of oil, was up about 1% pre-market on Wednesday to trade near $82.25 per barrel. It rallied as much as 7.2% on Monday after military action from the U.S. and Israel on Iran spread throughout the Middle East.
