Global crude prices surged on Wednesday as fresh attacks on two commercial vessels in the Strait of Hormuz renewed severe supply disruption fears across key maritime trade routes.
Brent crude futures rose 63 cents, or 0.6%, to $106.32 a barrel, while U.S. West Texas Intermediate gained 66 cents, or 0.7%, to $94.80 a barrel, Reuters reported.
Iranian officials confirmed to Reuters that Tehran is deploying new tactical operations against transit ships. The aggressive maneuver aims to sustain elevated crude prices and influence upcoming U.S. midterm elections.
Both energy benchmarks surged over $1 per barrel during early Asian trading sessions. Prices later pared a portion of those rapid gains as market participants calculated the immediate physical supply risks.
The Strait of Hormuz serves as the world’s most critical oil chokepoint, handling approximately 20% of global petroleum liquids consumption. Maritime security threats there instantly inflate global energy risk premiums.
Tensions in the Persian Gulf have kept Brent crude anchored above the $100 threshold for months. This persistent strength complicates global central bank efforts to contain stubborn transportation and energy inflation.
The maritime escalations follow recent U.S. Energy Information Administration forecasts projecting fourth-quarter Brent prices to average $105 per barrel. Supply vulnerability in the Middle East continues driving market volatility.
