Crude continues rally: Brent tops $92, WTI above $85 as Strait of Hormuz tensions threaten global supplies

Crude oil prices extended their rally on Wednesday, with Brent crude holding above the $90-a-barrel mark as escalating tensions in the Middle East kept investors focused on the risk of further disruptions to global energy supplies. Brent crude was trading at $92.40 a barrel, up 1.53% or $1.39, while US West Texas Intermediate (WTI) crude gained 1.38% or $1.16 to $85.50 a barrel. The gains came after both benchmarks ended Tuesday at their highest closing levels in around five weeks. Brent settled at $91.01 a barrel and WTI at $84.91, each rising about 2% during the session as geopolitical developments…