Oil extends gains for fourth session on Hormuz supply worries and US-Iran standoff

Crude oil futures gained ground for a fourth consecutive trading session on Wednesday, driven by lingering concerns over shipping traffic through the Strait of Hormuz and an absence of diplomatic headway in defusing tensions between the United States and Iran.

Brent crude futures rose 26 cents to settle at $91.28 per barrel, while US West Texas Intermediate (WTI) crude climbed 37 cents to trade at $85.31 per barrel.

Energy markets remain focused on navigational stability across the Strait of Hormuz, a critical chokepoint historically handling a vast share of global seaborne crude and LNG shipments. Conflicting statements from Washington and Tehran regarding transit conditions have heightened geopolitical risk premiums. Traders are also eyeing commercial inventory trends in the United States, where preliminary data indicated a draw in crude oil stocks alongside a build in gasoline inventories, ahead of the US Energy Information Administration's (EIA) official weekly status report later on Wednesday.

N.Tebrizli