Brent tops $109 as 7 tankers are hit in Strait of Hormuz
Why it matters: New vessel damage and attacks beyond the strait are raising risks to Gulf exports and global diesel supplies.
Oil prices rose after Iranian state media reported that seven tankers were damaged overnight in or near the Strait of Hormuz, a key route for Gulf crude. Brent crude climbed to $109.64 a barrel and US West Texas Intermediate reached $98.58 in Wednesday trading. Iran’s Revolutionary Guard navy said four tankers caught fire while transferring oil and three more were immobilized after hitting naval mines. Shipping risks have also spread south into the Gulf of Oman, while Yemen’s Houthis claimed attacks on Saudi Aramco sites, the Shaybah oilfield and airports in Riyadh and Abha. Saudi Aramco said flows through its East-West pipeline have jumped to 7 million barrels a day to bypass the strait.