Oil prices rise as Iran deploys new tactics to target tankers
USO•Brent rose 14 cents to $105.83 a barrel and WTI gained 57 cents to $94.71 after attacks on shipping and Saudi Arabia's state-owned oil company. Iranian officials said they had begun using new tactics to target ships, while the IEA said constrained diesel supplies could persist into 2027.
1. Oil benchmarks gain
Oil prices edged higher on Wednesday after an attack on Saudi Aramco's headquarters and as Iranian officials said they were using new tactics to target ships. Brent was up 14 cents at $105.83 a barrel and WTI gained 57 cents to $94.71; both had risen more than $1 earlier in the session.
2. Attacks raise concerns
Iranian officials said the new tactics began about 10 days ago but declined to provide details. The Iran-allied Houthis attacked an administrative building belonging to Saudi Aramco, causing a limited fire, Saudi Arabia's energy ministry said. A container ship also sank south of the Strait of Hormuz after hitting a naval mine, Iran's Revolutionary Guards Navy said.
3. Diesel supply outlook
The IEA said Russian crude production rose by 65,000 barrels per day in September to 8.43 million bpd, but remained 870,000 bpd below its level a year earlier. The agency said easing Russian diesel export restrictions was unlikely to materially change the global gasoil balance and constrained diesel supplies could persist well into 2027.
