Crude oil futures ended higher on Wednesday as Iran has threatened to close the Strait of Hormuz which, if happens, could spur retaliation by U.S. and its allies. Besides, data revealed that U.S. crude inventories fell by 11.5 million barrels to 420.9 million last week, more than industry expectations.
Benchmark crude oil futures for July surged $0.30 or about 0.40% at $75.14 a barrel on the New York Mercantile Exchange. Brent crude for August delivery jumped $0.25 or 0.33% to settle at $76.70 a barrel on London's Intercontinental Exchange.