Crude Oil Prices Climb as Shipping Remains Blocked in Strait of Hormuz
Crude oil prices rose on Thursday amid a lack of progress in efforts to end the war in the Middle East, with shipping disruptions remaining in the Strait of Hormuz.Brent crude at last look gained 1.8% to US$103.69/barrel and West Texas Intermediate crude climbed 1.8% to $94.62/barrel. This comes after larger-than-expected gasoline and distillate stock draws in the U.S. and continued restrictions in the strait despite an extended ceasefire between the U.S. and Iran, Reuters said in a Thursday report."The oil market is repricing expectations with little sign of progress in finding a resolution in the Persian Gulf," Reuters quoted ING analysts as saying in a note.Iran on Wednesday seized two ships passing through the Strait of Hormuz and the U.S. is maintaining its blockade of Iran's trade by sea, suggesting continuing disruptions to shipments, analysts said, according to the report.