Oil prices have hit a three-week high on Wednesday as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions support the market, Reuters reports.
Brent crude futures climbed 45 cents, or 0.49 per cent, to $91.47 by 7:54am GMT (12:54pm PKT), while US West Texas Intermediate crude futures were up 45 cents, or 0.53pc, to $85.39 a barrel.
Brent crude hit its highest level since July 30 and WTI reached its highest since July 31.
“Confidence in safe passage remains low, with shipping volumes still running well below normal levels. That persistent uncertainty continues to keep a geopolitical risk premium embedded in the oil price,” KCM chief market analyst Tim Waterer said.
