Oil Prices Surge Amid Strait of Hormuz Blockade and US Reserve Depletion

Oil prices surged on Wednesday as maritime incidents in the Strait of Hormuz and Bab el-Mandeb continued to stoke concerns over global supply chains. Brent crude futures gained 1% to reach $89.81 per barrel, marking a sixth consecutive session of increases, while West Texas Intermediate climbed 1.1% to $84.08.

The upward momentum followed reports of distinct maritime incidents in the two strategic passages during Tuesday's trading. The Strait of Hormuz remains inaccessible until Washington agrees to Tehran's stipulations for ending hostilities, which include releasing frozen Iranian financial assets.

American crude stockpiles unexpectedly jumped by 9.1 million barrels, potentially moderating supply worries. However, America's Strategic Petroleum Reserve dropped beneath 300 million barrels, reaching its weakest point since 1982.