Oil rises as Middle East supply concerns persist amid shipping attacks

Oil prices rose on Thursday due to persistent concerns over supply from the Middle East, particularly after an increase in attacks on shipping in the Gulf and the Strait of Hormuz. Brent crude futures increased by 1.33 per cent to $101.53 a barrel, while US WTI crude futures gained 1.26 per cent to $89.39. This rise comes despite the International Energy Agency's (IEA) plan to accelerate the release of oil stocks and prioritize diesel supplies, as governments seek to address record fuel prices and supply disruptions caused by the Iran war.

However, the attacks on tankers sailing through the Strait of Hormuz have become more frequent, with one recent attack resulting in casualties, indicating that producers are willing to take the risk of damaged vessels due to the lack of alternative means to transport their oil to international markets.

Brief written by urgent.news from Channel News Asia's own syndicated text. Machine-written — may contain errors; check the original before relying on it.