Oil Prices Soar Amid Fresh Shipping Attacks and US-Iran Uncertainty

Oil prices rose on Wednesday as concerns over supply disruptions intensified due to fresh attacks on shipping in the Middle East.

The latest incidents, which targeted vessels in the Strait of Hormuz and the Bab el-Mandeb Strait, raised fears about the safety of key shipping routes and the flow of energy supplies, according to Reuters.

Brent crude futures climbed 1.63% to $89.67 per barrel, while West Texas Intermediate (WTI) crude futures increased by $1.30, or 1.57%, to $83.98 per barrel, as of 9:50 am PST.

The market sentiment was also pressured by growing doubts over a potential US-Iran agreement, with Iran's top security official reiterating that the Strait of Hormuz would remain closed unless the United States accepted Tehran's conditions.