Crude oil rose to roughly $100 a barrel on Wednesday, its highest level since September 17, as ongoing attacks in the Strait of Hormuz intensified worries over global supply security. The UK Maritime Trade Operations agency reported that a vessel had been hit near Oman, while Iran’s state-run IRIB News said a supertanker had struck a sea mine in the strait. Tehran has stepped up attacks in recent weeks, with more incidents reportedly targeting vessels’ engine rooms and increasing risks to maritime traffic. Even so, oil shipments through the strategic waterway have remained relatively resilient.
US Secretary of State Marco Rubio said Tuesday that flows through the chokepoint were nearing prewar levels, while data from Kpler and Vortexa indicated that broader Middle Eastern exports have risen since the summer. Investors are also awaiting official US inventory data due later on Wednesday, after the American Petroleum Institute estimated a 4.9 million-barrel draw in crude stocks last week.
