Crude oil climbed toward $90 per barrel on Wednesday, rebounding from five-week lows as persistent risks to Middle East energy supplies overshadowed signs of rising regional output. Iran has stepped up attacks on tankers in the Strait of Hormuz in recent days, with UK Maritime Trade Operations reporting nine incidents so far this month. At the same time, a Saudi-led coalition said it intercepted and destroyed a ballistic missile launched by Houthi forces toward Khamis Mushait in Saudi Arabia.
Despite these developments, prices remain lower on the week, as crude flows from the Persian Gulf show signs of stabilizing. Tankers have continued to navigate the Strait of Hormuz discreetly despite elevated security risks, and Saudi Arabia’s East–West pipeline has restored crude pumping capacity to 5.8 million barrels per day. In the US, industry data indicated that crude inventories fell by 2.1 million barrels last week, with official government figures due later today.
