Oil Prices Surge as Middle East Attacks Raise Supply Fears
Oil prices rose in volatile trade on Wednesday after attacks on two ships reinforced worries about disruptions to Middle East supplies. Brent futures were up 17 cents, or 0.2%, at $89.08 a barrel by 1055 GMT, heading for a sixth day of gains.
U.S. West Texas Intermediate (WTI) crude rose 20 cents, or 0.2%, to $83.40, also heading for a fifth daily gain. The increase in prices followed attacks on two ships in the Middle East, one in the Strait of Hormuz and another in the Bab el-Mandeb Strait.
Shipping data showed that the number of vessels transiting the Strait of Hormuz fell to a one-week low of eight on Tuesday, down from 125-140 vessels per day before the war. This has raised concerns about supply disruptions and contributed to the increase in oil prices.