Brent Crude Rises to $89.63 per Barrel Amid Supply Concerns

Oil prices rose on Wednesday morning amid growing concerns about potential supply disruptions in the Middle East. Those concerns stemmed from both uncertainty surrounding a possible agreement between the United States and Iran and recent attacks targeting two vessels.

Despite data from the sector indicating a rise in U.S. crude oil inventories, Brent crude futures increased by 72 cents—or 0.81 percent—to $89.63 per barrel as of 0053 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 71 cents—or 0.85 percent—to $83.91 per barrel.