Iran Tensions Push WTI Oil to New Three-Week High

WTI Oil has risen to its highest level in over three weeks due to ongoing tensions between the US and Iran, which have kept supply risks elevated. The US benchmark price hovered around $85.20 per barrel on Wednesday, up nearly 1% from the previous day's close.

The recent increase in US crude inventories, reported by the Energy Information Administration (EIA), has added to the mixed signals in the market. While markets had expected a decline of 0.6 million barrels, data showed that stocks actually rose by 4.405 million barrels in the week ending August 14.

The Strait of Hormuz, a critical shipping route, remains closed after the expiration of the 60-day memorandum of understanding between the US and Iran on Monday. Tehran has stated that the waterway will remain shut until Washington meets its conditions for reopening.