Oil Prices Near Three-Week High Amid Hormuz Shipping Uncertainty
Oil prices remained near a three-week high on Wednesday due to ongoing uncertainty over shipping through the Strait of Hormuz. Brent crude futures rose slightly, reaching $91.20 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $85.10. Analysts attributed part of the price resilience to a weaker dollar following increased Treasury buybacks by the Federal Reserve. Tensions between Iran and the United States persist after a temporary ceasefire expired on Monday. A senior Iranian official announced that the country is shifting toward a 'fully offensive' military posture, though no direct strikes were reported recently. Shipping through Hormuz remains disrupted as commercial vessels avoid the waterway due to safety concerns. Meanwhile, Iraq approved new mechanisms for exporting crude via international and local companies starting in September. Additionally, oil shipments from Russia's western ports have dropped by 15% compared to initial plans because of disruptions at Novorossiysk.
Topics: geopolitical_risk Hormuz_strait oil_prices