Oil climbs as Hormuz tanker attacks add to Saudi-Houthi risks
What's new: Brent traded above $106 and WTI neared $95 as four tankers were hit in Hormuz on Oct. 11.
Oil prices rose Wednesday as fresh attacks in and around the Strait of Hormuz deepened fears of supply disruptions from the Persian Gulf. Brent crude for December gained to about $106 a barrel, while U.S. benchmark WTI approached $95. The move followed reports that four tankers were struck by projectiles while transiting Hormuz on Oct. 11, roughly double the recent daily average of such incidents, and as fighting between Saudi Arabia and Yemen's Iran-backed Houthis intensified. Saudi Arabia also intercepted more missiles and drones, while Saudi Aramco's eastern headquarters was hit. The U.S. said it had helped move more than 19 million barrels of crude through the chokepoint even as tanker traffic faced rising security risks.