Oil Prices Surge on Uncertainty Over Strait of Hormuz

Oil prices surged to a three-week high on Wednesday as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions continued to support the market.

Brent crude futures climbed 54 cents, or 0.59%, to $91.56 by 1157 GMT, while U.S. West Texas Intermediate crude futures were up 59 cents, or 0.69%, to $85.53 a barrel.

The Strait of Hormuz carried about one-fifth of global oil and liquefied natural gas supplies before the conflict began at the end of February. Its disruption remains a central concern for energy markets.

Shipping through Hormuz slowed, data showed on Wednesday, as most shipowners avoided the waterway due to uncertainty.