Middle East Tensions Send Oil Prices Steady at $95/bbl Amid Vessel Attacks

Oil prices remain steady around $95 per barrel as tensions in the Middle East escalate due to a series of attacks on vessels in the Strait of Hormuz.

The latest incident occurred when two ships, including the Saudi oil tanker Sidr, came under attack off Oman's coast. The Sidr was involved in a security incident that resulted in two casualties, according to the UK Maritime Trade Operations (UKMTO) Agency.

Saudi Arabia's Ministry of Foreign Affairs condemned the attack, calling for an end to escalation and respect for international navigation. US President Donald Trump also weighed in, stating that Washington has 'almost total control' of the Hormuz Strait and warning Tehran that any further retaliation will trigger a response 'at a much harder and higher level.'

The conflict has led to a naval blockade by the US Central Command (CENTCOM), which has redirected 86 commercial vessels, disabled three, and boarded two to prevent ships from entering or departing Iranian ports. The Strait of Hormuz is crucial for global crude and LNG shipments, with roughly 20% of total exports transiting through it prior to February 28.