Oil prices hold near four-week highs as Hormuz risk offsets US inventory build

Oil prices held near four-week highs on Thursday, with Brent crude above $91 per barrel and WTI around $86, as traders weighed ongoing Strait of Hormuz disruptions against an unexpected rise in US crude inventories. Brent futures traded near $91.87 in early trading, while WTI stood around $85.81, following a four-day rally that saw Brent close at $91.62 and WTI at $85.83 on Wednesday. The price surge is driven more by geopolitical risk than stronger demand, as US-Iran tensions threaten a key energy corridor. US commercial crude inventories rose by 4.4 million barrels to 428.8 million last week, contrary to expectations of a decline, while refinery utilization climbed to 97.2%. Analysts note low distillate stocks as a counterweight, and Brent's ability to stay above $90 keeps inflation risks alive for investors debating Federal Reserve policy.