Oil Prices Spike as Gunfire Hits Container Ships in Strait of Hormuz

Oil prices rebounded on Wednesday after reports emerged of gunfire attacks on container ships in the Strait of Hormuz, which had previously been hit by US and Iranian restrictions.

The incident pushed Brent crude futures up 73 cents to $99.21 a barrel, while West Texas Intermediate futures rose 59 cents to $90.26 per barrel.

At least three container ships were reportedly struck by gunfire in the strategic waterway, which carries around 20% of global oil and liquefied natural gas supplies.

The incident was seen as a fresh escalation of tensions between the US and Iran, with neither side showing up for peace talks in Pakistan.