SINGAPORE – Global oil markets climbed on Thursday as rising tensions in the Middle East increased concerns over potential disruptions to energy supplies.
Crude prices advanced more than 1.5% during Asian trading, reaching their strongest levels in over six weeks.
Brent crude futures gained around $2, moving above $96 a barrel, while US benchmark West Texas Intermediate also posted significant gains, trading near $88.50 per barrel.
The price increase followed renewed concerns after Houthi attacks on oil vessels in the Red Sea and fresh US military action against Iran, prompting investors to factor in greater risks to global oil flows.
Earlier, Yemen’s armed forces said they have hit two Saudi oil tankers in the Red Sea and intercepted multiple commercial vessels. A spokesperson confirmed the development in an official statement.
On the other hand, the Iran’s Islamic Revolutionary Guard Corps (IRGC) said one of three oil tankers caught fire after explosion when they attempted to navigate the mined southern corridor of the Strait of Hormuz.
The IRGC Navy has reaffirmed that the Strait of Hormuz remains firmly under Iranian control and will stay completely sealed for as long as US provocations persist, no tanker will be allowed passage, IRNA reported.
“Any ship misled by America and attempting uncoordinated transit will suffer the same consequences. The US is urged to stop its destabilizing actions in this vital waterway, which recklessly endanger commercial shipping and global energy security,” IRGC said.
Meanwhile, US Central Command (CENTCOM) forces said they have completed another round of strikes against Iran for the 12th consecutive night.
US forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense assets. The strikes further degrade Iran’s ability to attack civilian mariners and commercial vessels.
