Crude Oil Jumps 4% as Traders Price In Supply Disruption

Oil prices rebounded early on Wednesday as the market fears a massive supply crunch from the ongoing blockage at the Strait of Hormuz, which offset reports that the IEA is preparing its largest-ever release from strategic oil stocks. As of 6:31 a.m. EDT on Wednesday, the front-month Brent Crude futures prices moved above $90 per barrel again, having slumped to $88 at close on Tuesday. Brent was trading at $91.15, up by 3.80%. The U.S. benchmark, WTI Crude, was up above $86 per barrel, at $86.86, after jumping by 4.10% so far on the…