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Oil Prices Surge as Red Sea and Hormuz Risks Mount

Oil Prices Surge as Red Sea and Hormuz Risks Mount

Hellenic Shipping News

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Oil prices rose more than 1.5% in Asian trading on Thursday, reaching their highest level in more than six weeks as Yemen’s Houthi rebels targeted oil tankers in the Red Sea and the United States launched a fresh round of strikes on Iran.

Brent crude futures climbed $2.20, or 2.3%, to $96.27 a barrel by 5:27 a.m., their highest level since June 8. The benchmark had already gained nearly $3 in the previous session, closing at $94.07, just below a six-week high.

U.S. West Texas Intermediate crude rose $1.65, or 1.9%, to $88.48 a barrel, following a 3% jump on Wednesday, Reuters reported.

Iran’s Islamic Revolutionary Guard Corps said a tanker caught fire after an explosion while attempting to navigate what it described as a mined route in the southern part of the Strait of Hormuz. Two other vessels reportedly turned back.

In a statement, the IRGC said it controlled the strategic waterway and that it was “completely closed” while U.S. military operations continued in the region. It warned that no tanker would

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