Oil prices rise after Strait of Hormuz attacks
- Brent crude futures rose to $105.72 per barrel after two vessels were struck in the Strait of Hormuz, increasing concerns about regional oil supply risks.
- U.S. West Texas Intermediate crude increased to $94.28 per barrel, while both contracts gained more than $1 earlier in trading.
- Analysts said shipping attacks and regional military tensions are supporting prices, although exports have continued so far.
Oil prices moved higher after vessels were struck in the Strait of Hormuz and Iranian officials said new tactics were being used to target ships in the region.
Brent crude futures increased 3 cents to $105.72 per barrel by 0819 GMT, while U.S. West Texas Intermediate crude rose 14 cents to $94.28 per barrel after earlier gains of more than $1.
"Attacks on ships crossing the Strait of Hormuz and military strikes between Saudi Arabia and the Houthis are supporting prices as market participants remain concerned about lower oil exports from the region," said UBS analyst Giovanni Staunovo.
The United Kingdom Maritime Trade Operations reported that a container ship and tanker were hit by unknown projectiles in the Strait of Hormuz, while Saudi Arabia’s energy ministry said Houthi attacks caused a limited fire at a Saudi Aramco administrative building in Dhahran.
Market participants are also monitoring Russian diesel supply developments after U.S. President Donald Trump announced Russia had agreed to supply diesel to global markets, while analysts said increased exports may limit sharp price movements.
Oil markets continue to track geopolitical developments, production changes, and supply conditions from major producing regions including the Middle East and Russia.
