Crude oil prices inched higher on Wednesday, nearing $90 a barrel, as mounting fears of fresh supply disruptions in the Middle East overshadowed early signs of a gradual recovery in crude flows. The Houthis claimed new attacks on airports and military facilities in Saudi Arabia, while a spokesperson for the Saudi-led coalition reported that a ballistic missile had been intercepted north of Riyadh. At the same time, reports indicated that Iran has stepped up attacks on tankers in the Strait of Hormuz in recent days.
Despite these escalations, energy shipments from the Persian Gulf are beginning to stabilize. Tankers continue to transit the Strait of Hormuz—albeit more discreetly amid increased security risks—while Saudi Arabia’s East-West oil pipeline has restored crude pumping capacity to 5.8 million barrels per day. In the United States, EIA data showed crude inventories fell by 3.186 million barrels last week, marking the largest weekly draw in five weeks.
