Oil prices rise continued on Wednesday after renewed tensions in the Middle East increased concerns about global energy supplies. Investors reacted to fresh military developments and the possibility of disruptions to oil shipments through the Strait of Hormuz.
Brent crude gained $1.38, or 1.9%, to reach $75.54 per barrel. U.S. West Texas Intermediate (WTI) crude also climbed $1.37, or 1.9%, to $71.81 per barrel.
The latest increase followed reports of new airstrikes and additional sanctions targeting Iran’s crude oil exports. The developments raised fears that the fragile ceasefire in the region could collapse, threatening one of the world’s most important oil shipping routes.
The U.S. Central Command (CENTCOM) said the airstrikes responded to attacks on three commercial vessels passing through the Strait of Hormuz. The military said the operation aimed to protect international shipping and maintain maritime security.
Both Brent and WTI had already gained nearly 3% on Tuesday after Washington revoked a general license that had allowed certain transactions involving Iranian oil. The move added further uncertainty to global energy markets.
Saul Kavonic, head of energy research at MST Marquee, said the latest events reminded traders that shipping through the Strait of Hormuz remains highly sensitive. He noted that any disruption could quickly affect global oil supplies and prices.
Iran has not accepted responsibility for the reported attacks on commercial vessels. However, Qatar accused Tehran of carrying out a drone attack on one of its liquefied natural gas ships. Security sources also reported that the Saudi oil tanker Wadiyan suffered damage near the coast of Oman.
Iran has also instructed vessels to use shipping routes closer to its coastline. Meanwhile, international officials continue to call for safe and open navigation through the Strait of Hormuz to avoid further disruptions.
Analysts expect oil prices rise to remain closely linked to geopolitical developments. Any escalation in regional tensions or interruption to shipping could increase market volatility and push crude prices higher in the coming weeks.
