Oil prices climb above $106 as Iran targets ships ...

Summary

• Global oil prices rose on Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials said Tehran was using new tactics against ships, raising concerns about supply disruptions and the impact on the world economy.
• Iran tensions fuel market uncertainty Market analysts warned that the latest incidents could keep oil prices elevated as traders assess the risks of further attacks and potential supply disruptions.
• With attacks on shipping continuing and tensions spreading across the Gulf region, traders face growing uncertainty over whether additional supply disruptions will push prices higher in the coming sessions.

AI Generated Summary

Global oil prices rose on Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials said Tehran was using new tactics against ships, raising concerns about supply disruptions and the impact on the world economy.

Brent crude futures climbed 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while US West Texas Intermediate (WTI) crude gained 66 cents, or 0.7%, to $94.80 a barrel. Both benchmarks had risen by more than $1 earlier in the session before trimming their gains.

The latest increase came after a container ship and an oil tanker were hit by unknown projectiles in the strategic waterway, according to the United Kingdom Maritime Trade Operations (UKMTO) agency.

Iranian officials told Reuters that Tehran had begun using different offensive tactics against vessels it considered to be violating its restrictions around 10 days ago. One official said the change had contributed to an increase in attacks, although the officials declined to provide further details.