Brent gains as fresh attacks hit tankers in Hormuz
The front-month ICE Brent contract has gained by $3.05/bbl on the day, to trade at $116.54/bbl at 09.00 GMT.
IMAGE: Getty Images
Upward pressure:
Brent crude’s price has gained support following fresh attacks on oil tankers in the Strait of Hormuz and Saudi energy facilities.
A tanker was struck by an unknown projectile while completing an outbound transit of the Strait of Hormuz yesterday, the United Kingdom Maritime Trade Operations (UKMTO) agency reported.
Separately, another vessel was reportedly set ablaze about 25 nautical miles northeast of Khasab, Oman. The cause of the fire remains unknown.
Meanwhile, Yemen’s Iran-aligned Houthi militants claimed responsibility for attacks on several sites in Saudi Arabia yesterday, including the Ras Tanura and Rabigh refineries and the Abqaiq oil processing facility.
Downward pressure:
Brent futures' gains have been capped by some signs of diplomatic progress in the Middle East.
Diplomatic efforts to end the conflict have “intensified”, ANZ Bank’s senior commodity strategist Daniel Hynes said, after US Vice President JD Vance reached out to Mohsen Rezaee, secretary of Iran’s National Security Council.
Iran received a letter from Vance but has not yet responded, Reuters reported citing Iran’s semi-official Tasnim News Agency.
By Aparupa Mazumder
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