HOUSTON: Oil prices jumped by more than $3 on Wednesday after a surprise gasoline and distillate stock draw in the US, and prices got a further boost from reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of progress in peace talks between the US and Iran.
Brent crude futures were up $3.32, or 3.37pc, at $101.80 a barrel at 12:50pm EDT. WTI futures were up $3.61, or 4.03pc, to $93.28. Both benchmarks climbed about 3pc on Tuesday.
At the session high, US crude futures were up by more than $4 a barrel.
US crude stocks rose while gasoline and distillate inventories posted surprise draws in the week ended April 17, the Energy Information Administration said.
Published in Dawn, April 23rd, 2026