Oil surged after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea, escalating the Middle East conflict and threatening deeper supply disruptions.
Oil climbed, extending this month’s price jump to nearly 30%, as the US and Iran played down the prospect of peace talks and disruptions to global supplies continued to mount.
Brent oil advanced to the highest since early June as traders weighed threats to maritime traffic that span from the Strait of Hormuz and the Red Sea to a key Kazakh export terminal on Russia’s coast.
Oil edged up in a fraught session as traders grappled with a barrage of headlines that suggest a worsening of the Middle East conflict, as well as attempts to bring about a pause in the war.
Oil surged on growing fears the US and Iran could return to full war, threatening flows through the Strait of Hormuz.
Oil dipped, though remains higher for the week, as traders balanced profit-taking with concerns about disruptions to Middle East flows.
Oil narrowly held onto a three-day winning streak as the US launched fresh strikes on Iran in response to a spate of attacks on shipping vessels and American diesel stockpiles posted a sizeable increase.
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