Brent Crude Price Hikes Amid Fresh Shipping Attacks in Middle East

Oil prices continue to rise as fresh attacks on shipping in the Middle East spark concerns over supply disruptions.

The Brent crude futures price reached $89.63 a barrel, up 72 cents or 0.81% from Tuesday's close, while US West Texas Intermediate crude gained 71 cents or 0.85% to $83.91.

These gains follow Monday's roughly 5% jump as expectations of a peace agreement between the US and Iran weakened.

The Strait of Hormuz remains a key risk area, with Iranian security official Mohsen Rezaei stating that it will remain closed unless Washington accepts Tehran's conditions for ending the conflict.