Oil Prices Soar Amid Escalating Tanker Attacks

Oil prices have surged to $109.20 per barrel of Brent crude after attacks on oil tankers in the Gulf escalated, sparking concerns about supply disruptions.

The recent spike in oil prices has pushed up the chances of a US interest rate increase, according to analysts. The Federal Reserve is expected to raise the federal funds rate at its meeting next week, with traders betting on a near-70 percent chance.

Brent crude futures rose 6.7 percent to $102.50 per barrel, while US West Texas Intermediate crude futures topped $100 per barrel for the first time since May. The price surge has also lifted the price of regular petrol in the United States to an average of nearly $4.28 per gallon.

The increase in oil prices is attributed to concerns about supply disruptions in the Gulf, where tanker attacks have intensified amid concurrent naval blockades imposed by Tehran and Washington. Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday, after the US hit five Iranian oil tankers.