Oil prices climb amid ship attacks
Oil prices continued to rise following reciprocal attacks between the United States and Iran targeting ships in the Strait of Hormuz, raising fears of prolonged disruptions to Middle Eastern supplies. Brent crude futures increased to $96.80 per barrel, while West Texas Intermediate crude rose to $92.14, as the impact of the attacks persisted, leading to a reduction in oil flows through the strait—which accounts for one-fifth of global oil supplies before the war. The attacks, which targeted Iranian and American tankers, marked an escalation in maritime conflict, with tankers now being used as tools of economic pressure, resulting in the lowest average vessel transit through the strait since May.
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