Oil Prices Keep Climbing as Hormuz Stays Shut and America’s Emergency Reserves Hit a 43-Year Low

TLDR

• Brent crude rose to $89.81 and WTI climbed to $84.08 on Wednesday, marking five to six consecutive days of gains
• Attacks on ships in the Strait of Hormuz and Bab el-Mandeb strait are fueling supply disruption fears
• Iran says Hormuz will stay closed until the U.S. meets its conditions, including release of frozen assets
• U.S. crude inventories rose by 9.1 million barrels, far above expectations, which could ease some supply concerns
• The U.S. Strategic Petroleum Reserve fell below 300 million barrels, its lowest level in 43 years

Oil prices climbed on Wednesday as fresh attacks on ships in two key Middle Eastern waterways kept traders worried about supply disruptions.

Brent crude futures rose 1% to $89.81 a barrel, on track for a sixth straight day of gains. West Texas Intermediate rose 1.1% to $84.08, its fifth consecutive day higher.

The gains came after the U.S. and Yemen’s Houthi group reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday.

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