Shipping attacks deepen US-Iran war uncertainty as oil nears $90
Fresh attacks on commercial shipping in key waterways have heightened concerns over global energy supplies as diplomatic efforts to end read more Shipping attacks deepen US-Iran war uncertainty as oil nears $90
Oil prices have risen in volatile trade after attacks on two ships in key Middle Eastern waterways heightened concerns over global energy supplies. The attacks, one reported by the US and the other by Yemen's Iran-aligned Houthis, occurred in the Strait of Hormuz and the Bab el-Mandeb Strait, crucial export routes for Middle Eastern oil and gas. According to New Straits Times, this led to Brent futures rising 17 cents to $89.08 a barrel and US West Texas Intermediate (WTI) crude rising 20 cents to $83.40.
The number of vessels transiting the Strait of Hormuz fell to a one-week low of eight on Tuesday, down from 125 to 140 vessels per day before the war, as reported by New Straits Times. A senior Iranian source told Reuters there were no discussions between Iran and the US to extend their ceasefire.
Oil prices continued to rise, with Brent reaching $89.63 and WTI reaching $83.91, as reported by 3News. This is despite a surprise build in US crude stocks.
Brief written by urgent.news from BusinessDay Nigeria, New Straits Times, 3News — 3 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
