Oil climbs toward $95 as Hormuz tanker attacks threaten Gulf flows
Why it matters: Four tankers were hit Oct. 11, while the U.S. said it had helped move more than 19 million barrels through the strait.
Oil prices rose after renewed attacks in and around the Strait of Hormuz deepened fears over crude shipments from the Persian Gulf. West Texas Intermediate approached $95 a barrel, while Brent had closed below $106 on Tuesday. The move followed a U.S. statement that it had helped ship more than 19 million barrels of crude through Hormuz even as Iranian attacks on tankers threatened a recovery in Gulf supply. UK Maritime Trade Operations said four tankers were struck by unknown projectiles in separate Oct. 11 incidents, about double the agency’s daily average the previous week. In Saudi Arabia, the Houthis launched more missiles and drones, and Saudi Aramco’s eastern headquarters was hit.