Brent crude oil prices climbed above $110 per barrel as rising Middle East tensions and attacks on oil tankers increased fears of disruptions to global energy supplies.
At the time of writing, Brent crude was trading at around $111.80 per barrel, up 2.78 percent. US West Texas Intermediate (WTI) crude also gained 2.33 percent to reach $99.41 per barrel.
The gains came amid growing concerns over oil shipments through the Persian Gulf, particularly the Strait of Hormuz, one of the world’s most important routes for energy supplies.
Iran has stepped up counterattacks around the Strait of Hormuz and warned that vessels violating its restrictions could be blocked from passing. Tehran has also threatened to retaliate against US bases and regional allies if Washington launches another attack.
Reuters reported on October 14 that two vessels sank near the waterway after being struck by projectiles in separate incidents, highlighting the growing risks to commercial shipping.
Meanwhile, attacks by Yemen have increased risks around another major maritime route, the Bab el-Mandeb Strait, which connects the Red Sea with the Gulf of Aden. The widening tensions involving US and Saudi interests have raised further concerns about disruptions to international shipping and energy trade.
