Brent holds near $109 as Hormuz attacks keep oil supply on edge
Why it matters: tanker attacks, mine blasts and soaring freight costs are raising the risk of higher global fuel prices.
Oil prices stayed elevated Wednesday as traders weighed fresh threats to shipping near the Strait of Hormuz and attacks tied to the wider Middle East conflict. Brent traded around $109 a barrel after briefly touching a five-month high near $112, while West Texas Intermediate hovered near $98. Iran’s Revolutionary Guards said mines hit tankers using routes Tehran called unauthorized, and market trackers cited at least 18 vessel attacks over two weeks. Houthi strikes on Saudi Aramco sites and airports in Saudi Arabia added to supply fears. Even with Gulf crude exports recovering to about 80% of pre-war levels, freight costs have surged, with Goldman Sachs putting average crude shipping rates above $20 a barrel.