Oil Prices Hold as Persian Gulf Vessel Attacks Continue
Brent crude prices have remained high due to ongoing attacks on commercial vessels in the Persian Gulf region. The UK Maritime Trade Operations (UKMTO) agency reported at least four recent incidents involving tankers. On Friday, a tanker was struck by an unknown projectile in the Strait of Hormuz, causing a small fire and blackout. Another tanker suffered engine room damage in the same strait, while a third was hit east of Oman. Despite US Central Command's efforts to secure the corridor, vessel traffic remains far below pre-war levels.
The US has deployed additional Patriot missile batteries to protect regional energy infrastructure. One battery was sent to Saudi Arabia to safeguard an oil production facility, and another to Qatar to protect a natural gas site. These measures follow previous attacks on critical energy infrastructure, including drone strikes on Saudi pumping stations and Iranian missile attacks on Qatar's Ras Laffan LNG site.
Tensions in the region could escalate further if US President Donald Trump resumes military strikes against Iran. Trump recently issued a stark warning, stating that Iran must sign a fair deal or face consequences. The conflict, now in its seventh month, continues to pose risks to Middle Eastern oil supplies and global crude prices.