Oil Steadies Near $87-90/bbl on Hot Inflation Data as Wheat Hits Two-Year High

Brent crude recovered modestly to $87.65/bbl (WTI $82.90, spread $4.75) after hotter-than-expected US Personal Consumption Expenditures data limited further declines following the prior day's Iran-Oman corridor selloff; by mid-morning trading Brent touched $89.68/bbl. Separately, wheat futures climbed toward $7.40/bushel ($734.30/bu), the highest level since June 2023 and roughly 25% above January 2026 levels, as the escalating Russia-Ukraine war compounded fears of Black Sea supply disruption on top of Gulf-driven transport and energy costs. Analysts warned that financing and profitability pressure could curb winter planting, threatening next year's supply as well.