September 07, World (LNW): Global crude prices moved higher again today as fresh attacks involving vessels near the Strait of Hormuz intensified fears that disruptions to one of the world’s most important oil shipping routes could persist.
Brent crude futures gained 0.54 per cent to reach $96.80 a barrel in early trading, while US benchmark West Texas Intermediate advanced 0.72 per cent to $92.14.
The latest increase followed claims from Iran that it had targeted three vessels linked to the United States, along with three oil tankers which Tehran said had been using an unauthorised route through the strategic waterway. Iranian authorities described the action as retaliation for US strikes that allegedly destroyed three Iranian crude carriers.
The developments have added another layer of uncertainty to an already volatile energy market, with traders closely monitoring shipping activity through the Strait of Hormuz and assessing the potential impact on global supplies.
Brent crude has now gained more than 30 per cent since the US-Israel conflict with Iran began on 28 February, highlighting the growing risk premium being built into oil prices as tensions in the region continue to unsettle markets.