Economy

Oil Rises as Israel-Iran War Keeps Hormuz Supply Outlook Uncertain

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Courtroom-sketch editorial illustration of two children wading and a fisherman at work in the Strait of Hormuz as large cargo ships wait offshore.

Brent crude rose 0.9% to $89.67 a barrel early Wednesday, while U.S. benchmark crude gained 0.9% to $83.98. Markets remain uncertain about when the war with Iran will allow oil to flow freely again through the Strait of Hormuz. The U.S. Energy Information Administration estimates that Hormuz shipments averaged 4.9 million barrels a day in the second quarter, down from 21.6 million before the conflict. Kpler vessel data and a JPMorgan estimate of about 4 million daily barrels challenged a U.S. claim of nearly 9 million. An Iran-backed Houthi attack near Bab el-Mandeb added concern over another shipping route.

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