Oil prices rose on Friday as a fresh attack on a tanker in the Strait of Hormuz heightened concerns about disruptions to global energy supplies amid the ongoing conflict in the Middle East.
Brent crude futures rose 1.04 per cent to $116.08 a barrel, while US West Texas Intermediate (WTI) crude gained 1.34 per cent to $103.37. Both benchmarks were on course for their fourth consecutive monthly gains, with Brent set to rise by nearly 11 per cent in October and WTI by about 14 per cent.
The latest price movement followed a report from the United Kingdom Maritime Trade Operations agency that a tanker travelling through the Strait of Hormuz had been struck by explosive devices attached to the vessel by a small boat.
The identity of those responsible for the attack was not immediately established.
The Strait of Hormuz is one of the world’s most important energy corridors, carrying a significant share of global oil and fuel supplies from the Gulf. Continued attacks on commercial vessels have raised fears that further disruptions could restrict the movement of crude and push energy prices higher.
The latest incident comes amid an escalation in attacks involving the region’s energy infrastructure. Yemen’s Iran-aligned Houthi movement has claimed attacks on several Saudi targets, including the Ras Tanura refinery, the Rabigh refinery and an Aramco production facility at Abqaiq. Saudi-led forces said they intercepted a missile launched towards the kingdom.
Analysts say the continuing attacks around the Strait of Hormuz, combined with uncertainty over diplomatic efforts to end the conflict, are keeping oil markets elevated and volatile.
At the same time, there are indications that diplomatic efforts could still influence prices. US Vice President JD Vance has reportedly contacted Iran over the possibility of restarting peace talks, although Tehran has not yet responded to the proposals.
The security situation has also begun affecting the plans of major energy companies. Reuters reported that ExxonMobil and Chevron cancelled plans for executives to attend next week’s major oil exhibition in the United Arab Emirates because of security concerns.
Market analysts warn that further attacks on tankers or energy infrastructure could create additional pressure on global oil supplies, particularly if shipping through the Strait of Hormuz becomes increasingly restricted.
With Brent crude already above $116 a barrel, continued instability in the region could further increase fuel and energy costs for consumers and economies that depend heavily on imported petroleum products.