India, Aug. 12 -- Brent crude was trading around $89.67 per barrel on Wednesday, August 12, up 0.9%, while WTI crude was at $83.98 per barrel, also up 0.9%. Brent has gained more than 7% so far this week, extending its recent rally as uncertainty around the Strait of Hormuz continues.

The Indian rupee, meanwhile, was trading at around Rs. 95.43 per US dollar, broadly unchanged from the previous close of Rs. 95.4350. Elevated crude prices remain a key source of pressure on the currency as they increase India's dollar demand for energy imports.

Hormuz Drives Oil The latest oil rally is being driven primarily by uncertainty around the Strait of Hormuz, rather than a deterioration in US inventory data. Iran has said it will not reopen the w...