Crude Oil Rises as Mideast Risks Remain

Crude oil climbed toward $90 per barrel on Wednesday, recovering from five-week lows as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region. Iran has intensified attacks on tankers in the Strait of Hormuz in recent days, with the UK Maritime Trade Operations reporting nine incidents so far this month. Meanwhile, a Saudi-led coalition said it had intercepted and destroyed a ballistic missile launched by the Houthis toward Khamis Mushait in Saudi Arabia. Despite the latest developments, oil prices remain lower for the week as energy flows from the Persian Gulf show signs of recovery, with tankers discreetly passing through the Strait of Hormuz despite heightened risks and Saudi Arabia’s East-West oil pipeline restoring crude pumping capacity to 5.8 million barrels per day. In the US, industry data showed crude inventories declined by 2.1 million barrels last week, while official figures are due later today.