Oil Prices Up After Incident Involving Vessel Off Oman Coast

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas on June 9, 2016. Richard Carson/Reuters

LONDON—Oil prices rose on Wednesday, erasing earlier losses, after an incident involving a commercial vessel off the coast of Oman, but rising COVID-19 cases in China capped gains.

Brent crude futures gained 65 cents, or 0.7 percent, to $94.51 a barrel by 0854 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4 percent, to $87.27 a barrel. Both benchmarks fell more than $1 earlier in the session.