Oil holds its gains above $100.

Oil prices remained high during trading in Asia on Wednesday, staying above the symbolic threshold of $100 per barrel. This stability is supported by ongoing disruptions in global supply, despite efforts to restore crude flow.

This development follows the announcement that Baghdad and Erbil have agreed to resume oil exports through the Kurdistan region starting Wednesday. This decision has partially alleviated fears of a supply shortage, although it has not changed the tense situation in the market.

Meanwhile, investors are closely monitoring the U.S. Federal Reserve’s interest rate decision, with expectations of no changes. They are also seeking indications on the potential impact of rising oil prices on monetary policy amid inflationary risks.

Overall, oil prices remain supported by expectations of limited supply and are likely to stay at elevated levels as long as geopolitical tensions persist without a clear political resolution.