Oil prices rise as Iran deploys new tactics to target ships transiting Hormuz
USO•Brent rose 0.3% to $106.03 a barrel and WTI gained 0.3% to $94.42 after two vessels were struck in the Strait of Hormuz. Iranian officials said Iran had begun using new tactics to target ships about 10 days ago.
1. Oil prices climb
Brent crude futures rose 34 cents, or 0.3%, to $106.03 a barrel, while US West Texas Intermediate gained 28 cents, or 0.3%, to $94.42. Both contracts had climbed more than $1 earlier in the session.
2. Attacks raise supply concerns
Iranian officials said the country had started using different offensive tactics against vessels it considered in violation of its restrictions about 10 days ago, leading to more attacks. A container ship and a tanker were struck by unknown projectiles in the Strait of Hormuz, the United Kingdom Maritime Trade Operations said.
3. Other pressures on prices
Saudi Arabia's energy ministry said an Iran-allied Houthi attack on an administrative building belonging to state-owned oil firm Saudi Aramco caused a limited fire. An analyst said supply concerns linked to the Houthi-Saudi conflict were supporting prices, while expectations of increased Russian diesel exports could limit sharp moves.
