Oil Prices Rise Amid Strikes on Vessels and Stalled Iran Talks

Oil prices rose on Wednesday due to concerns about disruptions to Middle Eastern supplies after strikes on two vessels. The Brent futures price increased by 35 cents, or 0.4%, to $89.26 a barrel, marking its sixth straight day of gains.

The U.S. West Texas Intermediate (WTI) crude price rose 57 cents, or 0.7%, to $83.77, posting gains for a fifth consecutive day. Industry sources reported that U.S. oil inventory data showed an increase in inventories by about 9.1 million barrels.

The rise in prices was also influenced by the stalemate in talks between Iran and the United States on extending the ceasefire agreement. A senior Iranian source stated that there had been no talks on this matter since, from Tehran's perspective, the agreement had no start date and therefore nothing to extend.

Separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait were reported by the United States and Iran-linked Yemeni Houthis. This led to a fall in the number of vessels passing through the Strait of Hormuz, which dropped to a weekly low of eight on Tuesday.