Brent Oil Prices Rise Amid Escalating Conflicts in Hormuz and Ukraine
Crude oil prices surged as tensions escalated across multiple global hotspots, including attacks near the Strait of Hormuz by Iran-aligned forces. Brent crude reached $110 per barrel for the first time since May before settling at $109.86 on Friday. U.S. West Texas Intermediate also rose 3.5% to close at $101.41, with both benchmarks gaining significantly over the week due to ongoing geopolitical risks and supply disruptions. Iran-backed Houthi militants in Yemen have launched multiple missile and drone attacks targeting Saudi Arabia this week, including strikes on an oil terminal and a major airport that killed 12 people. In Hormuz, at least nine commercial ships were attacked since Sunday, with one container ship sunk by Iran. These incidents are disrupting crude exports through the vital waterway to about 70% of pre-war levels. Meanwhile, Ukraine has vowed to resume strikes on Russian refineries after a failed energy ceasefire collapsed under continued Russian attacks on Ukrainian infrastructure. The conflict is contributing to rising diesel prices in the U.S., which hit an average of $6.33 per gallon—over 70% higher than last year.
Tickers: $BRENT
Topics: Hormuz Strait attacks Iran-Saudi tensions oil prices Ukraine-Russia war
Part of the story Brent crude hits five-month high amid Houthi attacks on Saudi sites and Gulf vessels (7 articles)