Hormuz Disruptions Fail to Push Oil Prices into Triple Digits

Oil prices continued their upward trend on Wednesday, reaching $91.52 per barrel for a 0.55% gain and extending gains for a fourth consecutive session.

The Brent crude price has increased by 2.57% over the past month and 36.92% over the past year, while West Texas Intermediate (WTI) has gained 2.95% on the month and 37.47% on the year.

The supply gap in the Middle East remains a significant concern, with an estimated 8.3 million barrel per day shortfall due to disruptions at the Strait of Hormuz.

Despite this, oil prices have not reached triple-digit levels, as demand destruction has offset some of the supply losses.