Oil surpasses $85 on Strait export concerns
Oil prices have risen slightly for the fourth day in a row, with Brent crude reaching $91.28 and West Texas Intermediate at $85.31, amid uncertainty over the potential opening of the Strait of Hormuz to shipping due to tensions between Washington and Tehran. The increases come as U.S. oil inventories have declined while gasoline stocks have risen. Meanwhile, an Iranian official indicated that the country is heading toward a "full offensive military stance," while the White House stated that the strait is open, reflecting conflicting warnings and statements regarding the stability of global oil supplies. Additionally, Iraq has approved new mechanisms for exporting oil through international and domestic companies to reduce dependence on the Strait of Hormuz, amid ongoing regional tensions.
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