LAGOS – Global oil prices extended gains Wednesday as Brent crude rose 1.1% to $92.01 a barrel and West Texas Intermediate climbed 1.0% to $85.16 amid escalating Middle East supply concerns.
The rally came after U.S. forces struck Iranian military installations, including drone facilities and operational centers, for an 11th consecutive night to counter threats against commercial maritime vessels.
Shipping friction worsened as multiple oil tankers executed U-turns in the Red Sea following warnings from Yemen’s Iran-backed Houthi militia, opening a new disruption front targeting regional crude traffic.
The price action extends momentum from a recent 15% weekly surge, as escalating regional blockades threaten flows through maritime chokepoints that normally carry roughly 20% of global oil supplies.
Energy markets are ignoring preliminary figures showing a build in U.S. crude inventories, as traders remain focused on potential seaborne supply losses ahead of official government inventory data.
