Oil futures climb for a fifth day as ship attacks and stalled US-Iran talks heighten concerns over key Middle East supply routes.
Brent crude rose 0.2% to $89.08 a barrel, marking a sixth consecutive day of gains, while WTI added 0.2% to $83.40. Prices briefly surged over $1 before paring gains as traders awaited U.S. inventory data.
Attacks on two vessels in the Strait of Hormuz and Bab el-Mandeb disrupted shipping, with transits through Hormuz dropping to a one-week low of eight vessels. Prior to the conflict, 125-140 ships passed daily. Iran ruled out extending a ceasefire with the U.S., citing no agreed start date.
Market focus shifted to U.S. crude stockpile figures, with industry sources signaling a potential build of 9.1 million barrels. Earlier gains resumed after the Iran statement reinforced supply risks.