India, Aug. 19 -- Oil prices traded higher for a fourth straight session on Wednesday to hit a three-week high after reports suggested that most shipowners are avoiding the Strait of Hormuz because of a lack of clear signals on its reopening.
According to Kpler data, six commodity vessels crossed the strait Tuesday, down from nine on Monday and below the 10-day average of 11 vessels.
Brent crude futures jumped more than 1 percent to $91.95 a barrel after a bulk carrier was struck by an unknown projectile while transiting the Strait of Hormuz, raising the prospect of ongoing disruptions to supply.
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