Oil Prices Surge After Fatal Attacks on Red Sea Vessels

Fatal attacks on cargo vessels in the Red Sea and Gulf of Oman have driven up oil prices, despite diplomatic efforts to resolve the crisis.

The price of Brent crude futures surged by approximately 1.24 per cent to reach US$90 a barrel, while US West Texas Intermediate crude futures advanced 1.3 per cent to US$84.30 a barrel.

The increase in oil prices follows a sharp escalation in maritime violence after Iran-backed Houthi rebels killed six people in an attack on a merchant vessel in the Bab el-Mandeb Strait on Tuesday.

In a separate incident, American forces confirmed they had fired missiles at a container vessel that allegedly attempted to breach Washington's blockade of Iranian ports situated in the Gulf of Oman.