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Oil prices climbed on Wednesday, approaching a two-week high as uncertainty over the Strait of Hormuz and fresh attacks on shipping raised concerns about prolonged disruptions to global crude supplies.
Brent crude oil futures gained 0.7% to $89.55 a barrel by 21:03 ET (01:03 GMT), while West Texas Intermediate (WTI) crude futures rose 0.8% to $83.89 a barrel.
The latest gains came as the United States and Iran remained at odds over efforts to reopen the Strait of Hormuz, a critical oil shipping route. Shipping activity through the strategic waterway remained limited, with negotiations showing little progress.
Tensions increased after Washington said it had attacked a vessel in the Gulf of Oman that it alleged was heading toward Iran. Tehran has indicated that the Strait of Hormuz will remain closed unless the United States agrees to its demands for reparations, a condition strongly rejected by U.S. President Donald Trump.
The disruption in Hormuz remains a major concern for oil markets because the waterway handled roughly 20% of global oil supplies before the conflict began. Any prolonged closure could significantly tighten crude supplies and increase pressure on international oil prices.
Additional supply concerns emerged from the Red Sea, where Yemen’s Iran-backed Houthis continued attacks on commercial shipping and vessels passing through the Bab el-Mandeb Strait. The group has also declared a naval blockade against Saudi Arabia, raising further concerns about the security of vital energy and trade routes.
Market participants are closely monitoring developments across West Asia as the conflict shows few signs of easing. Continued attacks on shipping, limited traffic through the Strait of Hormuz and stalled U.S.-Iran negotiations are keeping traders cautious.
With major oil transit routes under pressure, concerns over potential supply shortages are providing fresh support for Brent and WTI crude prices. Further escalation could add volatility to energy markets and push oil prices higher as traders assess the risk of extended disruptions to global oil supplies.
