Oil prices near 2-week high as Hormuz remains closed, Houthi strikes continue

AI Summary

Oil prices have risen close to a two-week high due to ongoing closure of the Strait of Hormuz and continued Houthi attacks on shipping in the Red Sea. The tension between the U.S. and Iran over reopening the crucial shipping chokepoint has raised concerns about persistent disruptions in oil supply from West Asia.

Oil prices rose on Wednesday, extending recent gains and coming in sight of a two-week high as the U.S. and Iran remained at odds over reopening in the Strait of Hormuz. Fresh strikes by Yemen’s Iran-backed Houthis on shipping in the Red Sea also added to concerns over long-lasting oil supply disruptions in West Asia. ...