Hormuz Disruptions Send Oil Prices Higher for Fourth Day
Crude oil prices have continued their upward trend for a fourth consecutive day, reaching $91.88 per barrel for Brent crude and $85.80 for West Texas Intermediate on Wednesday.
The price increase comes as tanker-tracking data shows further deterioration in traffic through the Strait of Hormuz, raising concerns about the security of Middle Eastern oil supplies.
Recent reports indicate that tankers are turning away from the chokepoint due to increased attacks and disruptions, with the UK Maritime Trade Operations agency reporting an incident where a cargo vessel was struck by an 'unknown projectile' while transiting the Strait.
June Goh, senior oil analyst at Sparta Commodities, notes that shipping risks are increasing again, keeping oil prices supported in the near term.