Oil jumps as U.S.-Iran tensions and ship attacks lift prices
Business
Oil prices jumped Wednesday after tensions between the US and Iran flared up, making any peace deal look unlikely.
Attacks on ships in the Strait of Hormuz and Bab el-Mandeb have rattled markets, pushing Brent crude to $89.63 per barrel and WTI to $83.91.
US crude inventories rise 9.1 million barrels
Iran has warned it might keep the Strait of Hormuz closed unless the US meets its demands, raising fears since oil pass through this vital shipping route daily.
Meanwhile, a surprise rise in US crude inventories (up 9.1 million barrels) eased some short-term worries, but the EIA said disruptions of about 600,000 barrels per day to Middle East crude oil supplies could persist through the end of 2027, so supply risks aren't going away anytime soon.