WTI crude oil rises to $91.88, supply risks and hurricane disruptions drive oil prices higher

As Saudi Arabia’s main airports faced renewed attacks and new oil tanker incidents occurred near the Strait of Hormuz, market concerns over escalating hostilities and potential supply risks pushed oil prices slightly higher. At the start of trading, WTI crude oil’s gains once expanded to 1.00%, reaching $91.88 per barrel. Brent crude oil rose to $103.7. Since the beginning of this year, global benchmark oil prices have increased by more than 70%, mainly due to the ongoing conflict between the US and Iran with no clear resolution in sight. Although the Middle East’s main oil producers have managed to restore oil exports via the Strait of Hormuz to nearly pre-conflict levels, the surge in tanker attacks and rising regional tensions could threaten these energy shipments. Traders are also closely watching the impact of Hurricane Isaias, which has caused power outages in three US states and resulted in at least four fatalities. The US Department of Energy has announced approval for an emergency swap of up to 4 million barrels of crude oil from the Strategic Petroleum Reserve to mitigate supply disruptions caused by the hurricane.