Hormuz Attacks Lift Oil as Iran Signals New Tactics
Brent and WTI rose after two vessels were hit in the Strait of Hormuz, while analysts pointed to supply risks and Russian diesel exports.
Key takeaways
- Brent and WTI rose after two vessels were struck in the Strait of Hormuz.
- The IEA said easing Russian diesel export restrictions was unlikely to materially change the global gasoil balance.
Oil prices edged higher Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials said they were using new tactics to target ships. Brent futures rose 3 cents to $105.72 a barrel and WTI gained 14 cents to $94.28 by 0819 GMT.
Iranian officials told Reuters the new tactics began about 10 days ago, but declined to provide details. UBS analyst Giovanni Staunovo said attacks and military strikes involving Saudi Arabia and the Houthis were supporting prices, while exports from the region had held up so far.
The International Energy Agency said easing Russian diesel export restrictions was unlikely to materially change the global gasoil balance because of limited operating refinery capacity. It said constrained diesel supplies could persist well into next year.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
