WTI Oil Prices Rise on Ongoing Middle East Tensions

West Texas Intermediate (WTI) oil prices have climbed to their highest level in over three weeks, driven by ongoing concerns about Middle East supply risks.

The US benchmark rose nearly 1% on Wednesday to around $85.20 per barrel, as tensions between the US and Iran continued to simmer.

Data from the US Energy Information Administration (EIA) showed that crude oil inventories increased by 4.405 million barrels in the week ending August 14, exceeding market expectations for a decline of 0.6 million barrels.

The expiration on Monday of a 60-day memorandum of understanding between the US and Iran has raised concerns about the potential closure of the Strait of Hormuz, a critical oil shipping route.