Oil prices rose on Wednesday after deadly attacks on vessels in the Red Sea and Gulf of Oman heightened concerns over risks to global shipping routes. Brent crude futures gained about 1.24% to $90 per barrel, while U.S. West Texas Intermediate crude futures advanced 1.3% to $84.3 per barrel. On Tuesday, Iran-backed Houthi rebels killed six people in an attack on a cargo ship in the Bab el-Mandeb Strait, marking the first reported fatalities from Red Sea shipping attacks in more than a year. These incidents underscore the growing impact of the nearly six-month-old war on two key global shipping routes, despite signs of progress in diplomatic efforts to reopen the Strait of Hormuz.
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