With Hormuz Near-Frozen and Red Sea Blocked, Oil Hits $95 and Keeps Climbing

Executive Briefing

• Brent crude climbed nearly 5% above $95/barrel, up 55% year-to-date, erasing gains from a June peace deal.
• U.S. gas prices rose to a $4.06 national average Wednesday, extending a climb that began after diplomacy collapsed.
• Only 9 ships crossed the Strait of Hormuz on Tuesday as U.S.-Iran strikes entered an 11th consecutive night.
• Houthi rebels threatened a maritime blockade on Saudi Arabia, pushing tankers to reroute away from the Red Sea's Bab el-Mandeb Strait.
• Secretary Rubio said Iran is 'not serious' about diplomacy while pledging to protect commercial shipping in contested waterways.