Oil climbs as Hormuz attacks and Saudi strikes jolt supply outlook
What's new: Brent traded above $106 and WTI near $95 as fresh attacks threatened a rebound in Gulf crude flows.
Oil prices rose Wednesday as renewed attacks in and around the Persian Gulf deepened fears over crude shipments. Brent traded above $106 a barrel and West Texas Intermediate neared $95 after four tankers were hit by projectiles in the Strait of Hormuz on Oct. 11 and Saudi Arabia reported a new overnight strike on an administrative building used by Saudi Aramco in Dhahran. No injuries were reported there. The International Energy Agency warned that diesel market constraints could last into 2027, while the U.S. said it had helped move more than 19 million barrels of crude through Hormuz despite escalating Iranian threats and continued fighting between Saudi forces and the Iran-backed Houthis.