Oil advances as Strait of Hormuz reopening remains out of reach

Oil prices gained as a reopening of the Strait of Hormuz remained elusive and renewed Houthi attacks on shipping added to supply risk, according to market reports. The strait is the transit route for a large share of seaborne crude and liquefied natural gas, and prolonged disruption keeps a risk premium in the market. Attacks on vessels have compounded the concern by raising insurance and rerouting costs for operators. U.S. stock index futures were little changed, with growing doubts over a near-term reopening tempering earlier optimism. The dollar traded near a two-month low ahead of U.S. inflation data due this week.