Oil prices climbed for a fourth day due to supply uncertainty. Investors weighed conflicting messages from Tehran and Washington on the Strait of Hormuz. Iraq approved new export routes to avoid the critical waterway amid the ongoing conflict. Chinese shipping giants stopped using Hormuz and Bab al-Mandeb straits. US crude and distillate inventories fell last week while gasoline stocks rose.
Oil prices climbed for a fourth day due to supply uncertainty. Investors weighed conflicting messages from Tehran and Washington on the Strait of Hormuz. Iraq approved new export routes to avoid the critical waterway amid the ongoing conflict. Chinese shipping giants stopped using Hormuz and Bab al-Mandeb straits. US crude and distillate inventories fell last week while gasoline stocks rose.
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