Oil climbs as Mideast conflict, tanker attacks persist
Oil prices are rising due to ongoing conflicts in the Middle East and tanker attacks. Brent crude futures reached $106.06 a barrel and US West Texas Intermediate crude gained to $95.09. The Houthis' attacks on Saudi Arabia and Iran's new tactics to target ships are contributing to the price increase. The Strait of Hormuz, a key oil shipping lane, remains a point of tension.
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- ✓ Brent crude futures settled up 37 cents, or 0.35%, at $106.06 a barrel.
- ✓ US West Texas Intermediate crude gained 95 cents, or 1.01%, to $95.09, a three-week high.
- ✓ The Houthis attacked Saudi Aramco's headquarters.
- ✓ Iran is deploying new tactics to target ships and keep oil prices high.
What changed
Oil prices rose on Wednesday after the Houthis attacked Saudi Aramco's headquarters and Iran announced new tactics to target ships.
Live updates
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Oil climbs as Mideast conflict, tanker attacks persist
Oil prices are rising due to ongoing conflicts in the Middle East and tanker attacks. Brent crude futures reached $106.06 a barrel and US West Texas Intermediate crude gained to $95.09. The Houthis' attacks on Saudi Arabia and Iran's new tactics to target ships are contributing to the price increase. The Strait of Hormuz, a key oil shipping lane, remains a point of tension.
Why it matters
The Middle East conflicts and tanker attacks are disrupting oil supplies and driving up prices. The region's instability is a significant concern for global oil markets. The US has paused plans for war with Iran, but the situation remains volatile. Saudi Arabia and the Houthis are engaged in an ongoing conflict.
What is confirmed
- Brent crude futures settled up 37 cents, or 0.35%, at $106.06 a barrel.
- US West Texas Intermediate crude gained 95 cents, or 1.01%, to $95.09, a three-week high.
- The Houthis attacked Saudi Aramco's headquarters.
- Iran is deploying new tactics to target ships and keep oil prices high.
Still unconfirmed
- President Donald Trump is holding off on Iran strikes in the Strait of Hormuz.
What to watch next
- Further Houthi attacks on Saudi Arabia
- Iran's response to US sanctions
- OPEC's decision on oil production levels
confidence 85%Sources used for this update (9)
- CNN — If the Strait of Hormuz is open, why are gas and diesel so expensive? | CNN Business
- Yahoo Finance — Oil climbs as Mideast conflict, tanker attacks persist
- Reuters — COMMENTARY: The oil market's center of gravity is moving east
- Bloomberg.com — Oil Rises as Saudi Airport and Tanker Attacks Stoke Supply Fears
- Seeking Alpha — Oil tops $105 as Houthi attacks on Saudi Arabia raise inflation fears (CO1:COM:Commodity)
- WSJ — Oil Is Flowing From Hormuz Again—Just Not the Kind the World Needs Most
- www.foxnews.com — Oil price hikes, Saudi-Houthi strikes carry on amid Trump's midterm pause on Iran war | Live Updates from....
- live.euronext.com — Oil prices gain on attacks in Saudi Arabia, Iran's new ...
- economictimes.indiatimes.com — Oil falls on hopes Russia-Ukraine energy ceasefire will boost ...
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