Oil prices surge as Iran deploys new tactics to target tankers
LONDON: Oil prices rose on Wednesday after an attack on the headquarters of Saudi Arabia's state-owned oil company, while Iranian officials told Reuters they were deploying new tactics to target ships, seeking to keep oil prices high and influence US midterm elections.
Oil prices surged on Wednesday after Iran deployed new tactics to target tankers, causing concerns about lower oil exports from the region. Brent crude futures rose 0.9% to $106.60 a barrel, while US West Texas Intermediate crude increased 1.8% to $95.79 a barrel. Iranian officials confirmed they have been using new offensive tactics against ships for about 10 days, while the Iran-allied Houthis attacked Saudi Arabia's state-owned oil company headquarters, fired ballistic missiles and drones at the country, and sank a container ship in the Strait of Hormuz.
Despite a temporary lifting of US sanctions on Russian fuel, Russia's crude oil production remained lower than the previous year, and constrained diesel supplies could persist well into next year.
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