Middle East supply concerns push Brent crude above $89

BAGHDAD, Iraq — LONDON — Brent crude rose 0.81% to $89.63 a barrel on Wednesday, while U.S. West Texas Intermediate gained 0.85% to $83.91, as renewed concerns over Middle East supply pushed global oil prices higher. The increases were driven by uncertainty over whether the United States and Iran can reach a peace agreement, along with attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb strait, two of the world's most critical oil transit chokepoints. Benchmark contracts had already climbed more than $1 on Tuesday and roughly 5% on Monday. Shipping through the Strait of Hormuz fell to six vessels on Monday, compared with a prewar daily average of 125 to 140 vessels, underscoring the disruption to one of the key maritime corridors for global energy supplies. According to data from the American Petroleum Institute, U.S. crude inventories rose by about 9.1 million barrels in the week ending August 7. Gasoline stocks fell by 1.5 million barrels and distillate inventories declined by 596,000 barrels during the same period.