Oil prices rise 1.1% amid concerns of shipping disruptions in the Strait of Hormuz

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Tensions in the Persian Gulf offset expectations for a diplomatic agreement between the US and Iran, while attacks on vessels and rising US inventories impact trading.

Oil prices posted gains during Wednesday morning trading, recovering from a two-month low. Brent crude futures rose $1.04, or 1.1%, to $92.53 a barrel, while WTI crude rose 67 cents, or 0.8%, to $86.71 a barrel. The increases follow a drop of more than $3 a barrel in the previous trading session, which was partially offset by conflicting reports regarding diplomatic contacts.

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