Oil prices rose on Wednesday as concerns over Middle East supply disruptions kept the market on edge. Brent crude gained 1.22% to $110.13 a barrel while WTI rose 1.11% to $98.92. Iran’s Revolutionary Guards stated that naval mines destroyed two tankers attempting to cross the Strait of Hormuz via unauthorized routes, while Yemen’s Houthi militants claimed responsibility for strikes targeting Aramco facilities. Goldman Sachs reported that global crude freight rates have surged above $20 per barrel, compared with just $3 a year earlier, estimating that approximately $7 of this increase is attributable to war-risk premiums associated with crossing the Strait of Hormuz.
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