Oil Prices Surge on Middle East Tensions and Inventory Data

Oil prices rose on Wednesday morning due to concerns about supply disruptions in the Middle East. The United States and Yemen's Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait.

The attacks, combined with doubts over a US-Iran peace deal, fueled fears that oil supplies could be severely impacted. Brent futures gained 72 cents to $89.63 a barrel, while US West Texas Intermediate (WTI) crude climbed 71 cents to $83.91.

Industry data showed that U.S. crude inventories expanded last week, with stocks rising by about 9.1 million barrels. However, this could ease market concerns about supply tightness, according to Haitong Futures.