Crude oil prices moved higher on Thursday as attacks on shipping in the Gulf and Strait of Hormuz increased concerns over the security of Middle East energy supplies. Brent crude rose around 1.3% to $101.53 a barrel, while US West Texas Intermediate crude gained around 1.3% to $89.39.
The latest rise follows an attack on a tanker near Qatar, with multiple projectiles reported to have struck the vessel. Shipping risks have increased as the US-Israel conflict with Iran continues, raising transportation costs and creating additional uncertainty for oil producers and traders.
The Strait of Hormuz remains a key concern for global markets because of its importance to international energy flows. Although Gulf producers have continued exporting crude, the higher risks to ships, cargoes and crews are adding to the cost of transporting oil and other commodities.
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