Eco
Oil prices rose notably on Wednesday amid escalating concerns about supplies from the Middle East, with traders growing increasingly cautious about risks to shipping routes through the Red Sea and the region's oil infrastructure. Brent crude futures increased by $1.21 to reach $110 per barrel, while U.S. West Texas Intermediate crude rose over a dollar to $99 per barrel. Reports from Iran indicated that a large oil tanker caught fire after hitting a naval mine south of the Strait of Hormuz, during a violation of Iranian maritime regulations. Additionally, ship-tracking firm Kepler reported at least 18 attacks on vessels over the past two weeks. Analysts from the London Exchanges Group noted that attacks on oil tankers have extended beyond the Strait of Hormuz, with Iran targeting ships in the south up to the Gulf of Oman, threatening loading operations and maritime transfers that support Middle Eastern supplies amid ongoing conflict. In the United States, two Energy Department officials confirmed ongoing efforts with global refining companies to boost fuel production, as diesel prices rise due to supply shortages. Data from the U.S. Energy Institute showed declines in crude oil, distillate, and gasoline inventories last week, with crude stocks down by 4.9 million barrels, gasoline stocks falling by around two million barrels, and distillate inventories decreasing by approximately 2.6 million barrels compared to the previous week.
