Oil Prices Surge Amid Middle East Supply Disruption Fears
Oil prices rose on Wednesday morning as concerns grew over potential supply disruptions in the Middle East. The increase came despite industry data showing an uptick in U.S. crude oil inventories.
The Brent crude futures price rose 75 cents, or 0.84%, to $89.66 a barrel by 05:53 GMT, while U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.87%, to $83.92 a barrel.
The uncertainty over supply disruptions stems from the ongoing conflict between the United States and Iran, with President Donald Trump demanding that Iran compensate the United States for victims of previous wars, attacks, and protests.
Mohsen Rezaei, secretary-general of Iran's Supreme National Security Council, said the Strait of Hormuz would remain closed unless the United States accepted Tehran's conditions for ending the war, including the release of frozen Iranian assets and an end to wars across the region.