Brent Tops $109 Amid Escalating Middle East Tensions
Brent crude rose above $109 a barrel on Wednesday, erasing earlier losses in a volatile session amid escalating attacks on shipping and energy infrastructure across the Middle East. Iran’s Revolutionary Guards said naval mines had halted three tankers attempting to use routes Tehran deemed unauthorized, while the UK Maritime Trade Operations agency reported a vessel had been struck near Oman. Despite the security risks, US Secretary of State Marco Rubio said shipments through the Strait of Hormuz were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had increased since the summer. Separately, Yemen’s Houthi militants claimed attacks on Saudi Aramco facilities in Yanbu and the Shaybah oilfield, as well as airports in Riyadh and Abha. US EIA data showed crude inventories fell by just over 3 million barrels last week, below the 4.9 million-barrel decline reported by industry data.
Brent crude rose above $109 a barrel on Wednesday, erasing earlier losses in a volatile session amid escalating attacks on shipping and energy infrastructure across the Middle East. Iran’s Revolutionary Guards said naval mines had halted three tankers attempting to use routes Tehran deemed unauthorized, while the UK Maritime Trade Operations agency reported a vessel had been struck near Oman. Despite the security risks, US Secretary of State Marco Rubio said shipments through the Strait of Hormuz were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had increased since the summer.
Separately, Yemen’s Houthi militants claimed attacks on Saudi Aramco facilities in Yanbu and the Shaybah oilfield, as well as airports in Riyadh and Abha. US EIA data showed crude inventories fell by just over 3 million barrels last week, below the 4.9 million-barrel decline reported by industry data.