Crude Oil Rises to 5-Week High
Crude oil climbed to around $100 a barrel on Wednesday, its highest level since September 17 as continued attacks in the Strait of Hormuz heightened concerns over global supply security. The UK Maritime Trade Operations agency reported that a vessel had been struck near Oman, while Iran’s state-run IRIB News said a supertanker had hit a sea mine in the strait. Tehran has intensified attacks in recent weeks, with more incidents reportedly targeting vessels’ engine rooms and raising risks for maritime traffic. However, oil flows through the strategic waterway have remained relatively strong. US Secretary of State Marco Rubio said Tuesday that shipments through the chokepoint were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had increased since the summer. Investors are also awaiting US inventory figures due later Wednesday, after the American Petroleum Institute reported a 4.9 million-barrel decline in crude stocks last week.
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Crude oil climbed to around $100 a barrel on Wednesday, its highest level since September 17 as continued attacks in the Strait of Hormuz heightened concerns over global supply security. The UK Maritime Trade Operations agency reported that a vessel had been struck near Oman, while Iran’s state-run IRIB News said a supertanker had hit a sea mine in the strait. Tehran has intensified attacks in recent weeks, with more incidents reportedly targeting vessels’ engine rooms and raising risks for maritime traffic. However, oil flows through the strategic waterway have remained relatively strong.
US Secretary of State Marco Rubio said Tuesday that shipments through the chokepoint were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had increased since the summer. Investors are also awaiting US inventory figures due later Wednesday, after the American Petroleum Institute reported a 4.9 million-barrel decline in crude stocks last week.