Brent crude futures climbed $1.34 to $110.10 a barrel on Wednesday, while U.S. West Texas Intermediate rose $1.18 to $99. The gains followed yesterday's dip after Iran's president discussed mediation with Pakistan's army chief in Tehran.
The uptick comes amid a flare‑up of tanker attacks. Kpler reported 18 vessel incidents in the past fortnight, and a supertanker struck a sea mine south of the Strait of Hormuz, setting the ship ablaze. LSEG analysts noted that attacks now reach as far as the Gulf of Oman, threatening loadings beyond the Arab Gulf.
Houthis claimed responsibility for striking a Saudi Aramco site in Yanbu, the Shaybah oilfield, and airports in Riyadh and Abha. The strike killed 73 Yemeni government soldiers, according to Reuters. Iranian foreign minister Abbas Araqchi said Tehran had offered to broker peace talks but had not received a reply.
U.S. Energy Department officials said they were liaising with refiners worldwide to boost fuel production amid a diesel shortage that has pushed prices up. An extended Reuters poll projects U.S. crude inventories fell by an average of 800,000 barrels in the week ended Oct. 16.
Market participants keep a close eye on Middle East developments, as shipping lanes become contested and oil infrastructure faces raids. Brent’s 12‑hour rally to $110.10 follows a five‑month high of $111.99 hit the previous day.
Energy officials plan a conference call with refiners on Friday to outline production increases, while traders weigh how renewed tensions might widen supply curves.