Oil hits three-week high as Hormuz shipping fears grow amid Iran tensions
India, Aug. 19 -- Oil prices hit a three-week high on Wednesday as traders worried about the safety of ships passing through the Strait of Hormuz and continued problems with global oil supplies.
Brent crude oil futures rose 45 cents, or 0.49%, to $91.47 a barrel by 0754 GMT. US West Texas Intermediate (WTI) crude futures also gained 45 cents, or 0.53%, to $85.39 a barrel, Reuters reported. Brent reached its highest level since July 30, while WTI touched its highest level since July 31.
The rise came mainly because traders are still unsure whether ships can safely travel through the Strait of Hormuz. "Confidence in safe passage remains low," said Tim Waterer, chief market analyst at KCM, according to Reuters. He said shipping volumes rem...
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