Crude oil prices advanced for a third consecutive session. Brent crude surpassed $91 per barrel. West Texas Intermediate rose above $85 per barrel. These benchmarks reached their highest levels in several weeks.
A 60-day truce between the U.S. and Iran expired without an extension. New attacks on vessels in the region caused tanker traffic through the Strait of Hormuz to reach a near standstill.
Geopolitical risk premiums are currently overriding a surprisingly large build in U.S. crude inventories. Fading hopes for a renewed U.S.-Iran agreement have intensified fears of prolonged global supply disruptions.