Brent crude climbed back to the $100-a-barrel mark on Wednesday as shipping through the Strait of Hormuz remained severely restricted, with only three commodity vessels recorded passing through the key energy corridor in the previous 24 hours.
As of 2:05 p.m. WAT, Brent crude was trading at $100.50 a barrel, up $1.28 or 1.29 percent, while US benchmark West Texas Intermediate (WTI) stood at $91.16, gaining $0.64 or 0.71 percent.
The latest price movement came as preliminary Kpler tracking data showed that just three commodity vessels transited the Strait of Hormuz on Tuesday, including one Panamax oil tanker, all travelling outbound.
The traffic was down from four vessels recorded the previous day and remained far below the roughly 15-vessel 10-day average, highlighting the continued disruption along one of the world's most important energy shipping routes.
Kpler's observable figures cover vessels with active positioning systems. Ships that switch off their Automatic Identification System (AIS) to avoid detection or reduce the risk of attack are not captured, meaning actual movements could be higher.
Commercial shipping through Hormuz has remained in the single digits for several days as shipowners and energy exporters weigh security risks linked to the renewed conflict in the Middle East.
The disruption has coincided with attacks on tankers, threats from Iran-aligned Houthis in the Red Sea and damage to Saudi Arabia's East-West pipeline, which had temporarily affected the kingdom's ability to move crude to its Red Sea export route.
Saudi Arabia has since restored partial operations on the pipeline, allowing the kingdom to resume some crude movements towards Yanbu and reduce its dependence on the Hormuz route.
Despite the disruption at Hormuz, traffic through the Bab el-Mandeb Strait has remained comparatively steadier. Kpler data showed 22 commodity vessels moving in either direction between the Red Sea and the Gulf of Aden, against a 10-day average of about 26 vessels per day.
The continued weakness in Hormuz traffic has kept supply security at the centre of the oil market, even as diplomatic developments between Washington and Tehran provide some counterweight to the price pressure.
US and Iranian representatives are using the UN General Assembly in New York as an opportunity for discussions on the sidelines, with both diplomatic activity and the possibility of a resumption of talks being closely watched by oil traders.
The market is also assessing developments around Saudi crude exports following disruptions to the kingdom's East-West pipeline. Saudi Arabia's partial restoration of the pipeline has improved the outlook for alternative crude flows, helping to limit some of the pressure on global supply.
The renewed fighting in Yemen is adding another layer of uncertainty. Saudi airstrikes on the Red Sea port city of Mokha reportedly killed at least six people and injured eight, according to the Houthi-affiliated Saba news agency.
The United Kingdom has also approved limited military support for Saudi Arabia following Riyadh's request for assistance after attacks by the Houthi group. The support includes defensive air-to-air refuelling and is expected to continue initially for several weeks.
Meanwhile, US President Donald Trump previously halted planned airstrikes against Houthi targets in Yemen shortly before they were due to be carried out, according to US media reports. The proposed operation had followed discussions between Trump and Saudi Crown Prince Mohammed bin Salman over the security situation.
The combination of restricted Hormuz traffic, continuing attacks around regional supply routes and uncertainty over US-Iran diplomacy has left the oil market highly sensitive to any further disruption.
For now, the prospect of renewed diplomatic engagement is helping to temper the upside pressure, while the continued movement of only a handful of vessels through Hormuz underscores the supply risks still facing the market.