Crude oil rises for fourth session on Hormuz supply risks
Crude oil rose toward $86 per barrel on Wednesday for a fourth straight session as US-Iran tensions kept Strait of Hormuz supply concerns elevated, while industry data showed US crude inventories fell by 328,000 barrels last week after a 9.07 million-barrel increase the prior week.
Crude oil rose toward $86 per barrel on Wednesday, extending gains for a fourth consecutive session as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz, keeping supply concerns elevated.
President Donald Trump said there were no ongoing negotiations with Tehran while confirming that the US naval blockade remains in effect.
Shipping risks in Hormuz also remain despite Trump’s claim that the waterway is open and mines have been cleared, with limited traffic still passing through the strategic route.
Iranian forces have intensified hostilities over the past week, while eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month.
In the US, industry data showed crude inventories fell by 328,000 barrels last week, following a 9.07 million-barrel increase in the previous week.